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Exports down 5.7% in March at $28.7 bn

High trade deficit of $14 bn could worsen India's current account balance and further weaken the rupee

Reuters  |  New Delhi 

India's exports fell an annual 5.7% to $28.7 billion in March, while imports rose 24.3% to $42.6 billion, government data showed on Tuesday.

The trade deficit was at $13.9 billion. Oil imports rose 32.5% to $15.8 billion.

India's exports rose an annual 21% to $303.7 billion for FY12, while imports rose 32.2% to $488.6 billion, figures released by the trade ministry showed. The trade deficit for the full fiscal was $184.9 billion.

The data shows India has beaten its target of about 20% exports growth for the full fiscal set by the government, despite a slowdown in the major export destinations such as the United States and Europe.

But the country's high trade deficit could worsen its current account balance and further weaken the rupee.

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First Published: Tue, May 01 2012. 11:37 IST