According to Reuters article published on April 13, 2023, India's exports of merchandise and services rose by 6% in the fiscal year to March 31, Indian government data released on Thursday showed, while imports from Russia surged.
A Reuters calculation put India's merchandise trade deficit in March at $19.73 billion, higher than the $17.43 billion recorded in the previous month, and above the $18.30 billion forecast in a Reuters poll.
March merchandise exports were $38.38 billion, up from $33.88 billion in February, while imports rose to $58.11 billion from $51.31 billion, the government data showed.
India's April-March merchandise exports were up 6% year-on-year to $447.46 billion, while goods imports during the same period were up 16.5% to $714.24 billion, the data showed.
The country's services exports in March were $27.75 billion, while services imports were $14.05 billion, according to the government's preliminary estimate. Services exports in February were $29.15 billion, while imports were $14.55 billion.
India's merchandise and services exports were up nearly 14% on the year to $770.18 billion in the last fiscal year that ended on March 31, while imports were up 17.4% to $892.18 billion during the period.
In the same period, India's imports from Russia surged 369.44% to $46.33 billion.
The rise in services exports has helped India's current account deficit to shrink more than expected in the October-December quarter, offsetting weakness seen in goods exports.
