India's trade deficit widened in March as higher crude prices and rising gold demand increased the burden on import bill.
The gap between India's imports and exports stood at $10.9 billion last month, according to data released by the Ministry of Commerce. A Bloomberg survey had projected the deficit at $9.7 billion. The gap in February was the lowest in 17 months at $9.6 billion.
Imports stood at $43.44 billion in March, up from $36.3 billion in the preceding month and $42.82 billion a year ago. India's crude oil import rose 5.55 percent over last year to $11.75 billion in March. The oil import bill in April 2018-March 2019 rose 29.3 percent from the year-ago period to $140.47 billion.
Exports widened to $32.55 billion in March from $29.32 billion a year ago. It also widened from $26.7 billion shipped in February.
Import Highlights:
- Gold imports rose 31.2 percent to $3.27 billion.
- Pearl and precious stone imports fell 1.03 percent to $3 billion.
- Machinery imports fell 5.7 percent to $3.2 billion.
- Electronic goods imports fell 5.7 percent to $4.7 billion.
- Coal imports fell 14.9 percent to $2 billion.
- Iron and steel imports rose 16.9 percent to $1.6 billion.
Export Highlights:
- Gems and jewellery exports fell 0.37 percent to $3.4 billion.
- Engineering goods exports rose 16.2 percent to $9.41 billion.
- Ready-made garment exports rose 15 percent to $1.7 billion.
- Petroleum product exports rose 6.6 percent to $3.5 billion.
- Drug and pharmaceutical exports rose 13.6 percent to $2 billion.
- Chemical exports grew 17 percent to $2.32 billion.
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