According to data released by the Ministry of Commerce and Industry, exports grew by 27.59 per cent to $29.23 billion from $22.91 billion worth of merchandise shipped out during March 2016.
"Non-petroleum and non gems and jewellery exports in March 2017 were valued at $ 21,420.91 million against $ 17,071 million in March 2016, an increase of 25.5 per cent," the ministry said in a statement.
However, the country's imports during the month under review increased by 45.25 per cent to $39.66 billion.
India's oil imports during last month exponentially increased by 101.43 per cent to $9.71 billion. Non-oil imports were up by 33.21 per cent, to $29.95 billion, from $22.48 billion in the corresponding month of last year.
Consequently, the trade deficit during the month under review stood at $10.43 billion from $4.39 billion reported for March 2016.
Cumulatively for 2016-17 fiscal year, exports rose by 4.71 per cent in US dollar terms at $274.64 billion, as against $262.29 billion worth of merchandise shipped out in 2015-16.
In contrast, imports bill for the April-March 2016-17 period inched down by 0.17 per cent to $380.36 billion from $381 billion for 2015-16.
Accordingly, the trade deficit during the fiscal year under review stood at $105.72 billion from $118.71 billion in 2015-16.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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