India’s exports, battered by the drying up of orders for the most part of the last one year, grew by 6.97% in March — recording the third successive monthly growth — though for the full year, it dipped by 1.76%.
The latest trade data, released on Thursday along with a string of measures to boost exports, is likely to bring cheer to the government combating rising prices, industrial deceleration and falling political stock.
Exports in March 2013 stood at $30.8 billion (Rs. 1,69,400 crore), compared to $28.8 billion (Rs. 1,58,400 crore) in the same month of the previous year.
Imports dipped by 2.87% to $41.16 billion in March, leaving a trade deficit of $10.31 billion — down from $13.5 billion in March last year.
For the entire fiscal 2012-13, however, exports shrank by 1.76% to $300.6 billion, with the trade deficit widening to $190.91 billion as against $183.3 billion in the previous fiscal.
“Export performance has started picking up. For March, it has picked by a slightly robust figure as compared to the previous two months. We do expect this trend to continue and we would like to consolidate,” SR Rao, commerce secretary, said, adding that if the trend continues, exports should grow by at least 10% in the coming months.
“Given a very weak performance for major part of the year, I think in the last 3-4 months, we really covered a good deal of ground. It may not be sufficient, but certainly there is progress in exports,” he said.