Export and import data watch

Export growth touched an over five-year high of 27.6 per cent in March on the back of better performance of petroleum and engineering sector. At the same time FY17 witnessed just 4.7 per cent growth.

During the last fiscal, exports stood at USD 274.64 billion. In March, the outward shipments were at USD 29.23 billion.

Due to increment in import of gold, trade deficit in March, more than doubled to USD 10.43 billion. The gold imports jumped to USD 4.17 billion in March as against USD 973.45 million in March 2016. While overall imports increased 45.25 per cent to USD 39.7 billion. Oil imports grew 101.43 per cent to USD 9.71 billion in March. Non-oil imports too rose 33.21 per cent to USD 30 billion in March.

India has recorded healthy growth in exports during such challenging times when currencies across the globe have been impacted because of the dwindling global trade. The previous high in export growth was recorded at 36.3 per cent in September 2011.

Exports during 2016-17 showed an upward trend after declining in the two consecutive financial years.