Sensex Ends Flat; Wipro & Hindalco Industries Among Top Nifty Gainers

Exports grew exponentially in the previous month which is overall higher than 0.7% growth in February, with March becoming the fourth consecutive month of growth in FY21. Also, mark that for the full year, exports fell by 7.3% versus FY20.

According to provisional data released by the commerce and industry ministry on Thursday showed, gold imports surged almost 592% on-year, leading to a 53.7% rise in overall imports and widening the country's trade deficit to US$ 13.9 billion against a deficit of US$ 10 billion during the year-ago period.

In FY21, merchandise exports fell by 7.3% YoY at US$ 290.6 billion. Similarly, imports also shrank 18% to US$ 389.2 billion, mainly due to delay in revival in domestic manufacturing due to the pandemic.

In FY20, the trade deficit for the entire fiscal year narrowed to US$ 98.6 billion, against US$ 161.4 billion.

As per the data released, two categories out of 30 major exports witnessed growth in March including iron ore, electronic goods, carpets, handicrafts, gems and jewelry, ceramic products, and engineering goods among others. Exports of oilseeds and cashew witnessed a decline in the last month.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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