By 27.59%, in March the merchandise exports of India rose and in last six years, it is the steepest rise. As the imports rose by 45% the trade deficit became even higher and the prices of commodities were firm.
In March 2017, overall exports of the country pushed by 27.59% to $29.2 billion in the sectors like Petroleum, textiles, engineering goods and gems and jewellery saw a rise. By 45.25% the imports rose because of higher gold imports and to $10.4 billion the trade deficit reached. Along with iron ore25 sectors reported a rise in exports. In March the total imports of the country were $39.6 billion and it is the highest in six years. Out of the total imports, Gold imports contributed $4.1 billion which means a rise of 329% from last year.
FY 2016-17, the annual exports did not reach $300 billion whereas Indian exports have been rising significantly. In FY 2016¬-17, values of $274.6 billion Indian goods were exported and in comparison to previous year, it was 4.7% higher than $262.2 billion export. In 2016-¬17, the annual trade deficit reached to $105.7 billion.
In this fiscal, the exports will cross $300 billion as the industry experts feel that this is a good indicator. As shown by the growth in non-¬oil, non¬-gold imports the domestic demand is also robust and going up that have spiked up by 19.8%.
There is a rise of 101% and the March Oil imports were at $9.7 billion and non-oil imports rose by $33.21 % and reached $29.9 billion which is mainly led by sectors like engineering goods, gems & jewellery and textiles,