Exports dip 3.15 pc in March, annual trade deficit improves

Exports declined 3.15 per cent in March, limiting the growth rate for 2013-14 to about 4 per cent and falling short of the annual target by about USD 13 billion even as the trade deficit improved on shrinking gold imports.
According to exporters, outbound shipments were affected by both domestic and global factors.
"Manufacturing is declining. About Rs 20,000 crore is held up with the revenue department as they are not clearing our refunds. It has impacted exports adversely. Global demand situation is also not very healthy," Federation of Indian Export Organisations (FIEO) President Rafeeq Ahmed said.
He expressed hope that exports would improve in the coming months.

India's exports grew 3.98 per cent to USD 312.35 billion in 2013-14, while imports dipped 8.11 per cent to USD 450.94 billion, narrowing the trade deficit to USD 138.59 billion, according to data from the Ministry of Commerce and Industry.
A drop in gold and silver imports helped to shrink the trade gap. Overseas purchases of the precious metals dropped 40 per cent to USD 33.46 billion.

The trade deficit in 2012-13 stood at USD 190.33 billion.
In March, exports contracted 3.15 per cent to USD 29.57 billion and imports fell 2.11 per cent to USD 40 billion from a year earlier. The trade deficit last month was at USD 10.5 billion compared with USD 10.4 billion in March 2013.

The country's merchandise exports in 2013-14 fell short of the target of USD 325 billion set by the government and were higher than USD 300.4 billion in 2012-13.
Oil imports in March increased 17.7 per cent to USD 15.78 billion. In 2013-14, oil imports grew 2.2 per cent to USD 167.62 billion.