India's exports fell 33.3% in March from the previous year, following a 21.7% drop in February, the country's Ministry of Commerce and Industry said Friday. Exports declined to US$11.52 billion in March from US$17.25 billion in the previous month.
At the same time, imports slipped 34% annually to US$15.56billion from US$23.57 billion in the previous year.
Oil imports dropped 58.1% year-on-year to US$3.8 billion, while non-oil imports fell 18.92% to US$11.75 billion in March.
During the month, there was a trade deficit of US$4.04 billion, lower than a deficit of US$6.32 billion in the previous year.
For the fiscal year ended March 2009, exports grew 3.4% to US$168.7 billion, while imports were up 14.3% to US$287.7 billion. The trade deficit amounted to US$119.05 billion.
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