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Exports grow 11 per cent in March; trade deficit narrows

Trade deficit narrowed to USD 10.89 billion as compared to USD 13.51 billion in the same month last year.

New Delhi: India’s exports grew by 11 per cent to USD 32.55 billion in March on account of higher growth in sectors including pharma, chemicals and engineering, government data showed on Monday.

Imports rose by 1.44 per cent to USD 43.44 billion during the month. However, trade deficit narrowed to USD 10.89 billion as compared to USD 13.51 billion in the same month last year. Gold imports rose by 31.22 per cent to USD 3.27 billion in March 2019.

Oil imports rose by 5.55 per cent in March to USD 11.75 billion. For the full fiscal (2018-19), exports grew by 9 per cent to USD 331 billion and imports rose by 8.99 per cent to USD 507.44 billion. In result, the country’s trade deficit widened to USD 176.42 billion for the entire fiscal, compared to USD 162 billion in 2017-18, data showed.

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