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.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.