Exports jump 60% in March to $34.5 bn; trade deficit widens to $14 bn

Trade deficit widens to $14 billion despite 54% jump in imports

India’s merchandise exports surged to $34.45 billion, up 60 per cent year-on-year (YoY) in March, on the back of a low base effect in the lockdown-hit corresponding month last year.

On a sequential basis, the growth in merchandise exports was 23 per cent, the data released by the ministry of commerce and industry on Thursday showed. In terms of value of exports, it has surpassed previous high of $32.55 in March 2019 — nearly a year before the outbreak of the pandemic, signaling recovery in demand.

Experts said the jump in outward shipments is generally also a year-end phenomenon, with exporters trying