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Exports contracted 1.76 per cent in 2012-13 to $300.6 billion compared to $306 billion the previous year, but exports grew for the third straight month in March raising hopes for a better year ahead.
Imports during the year grew 0.44 per cent to $491.48 billion from $489.31 billion the previous fiscal, resulting in a trade deficit of $190.9 billion, which was higher than the $183.35 billion deficit recorded in 2011-12.
However, the trade deficit in March shrank to $10.37 billion, which could in turn bring down the current account deficit that had touched a record high of 6.7 per cent of GDP in the third quarter of 2012-13. The main reason behind the easing of trade deficit in March is the fall in imports by 2.87 per cent to $41.16 billion due to a drop in oil imports. Thanks to the fall in oil prices, value of crude oil imports declined 16.56 per cent during the month.
Exports, on the other hand, increased 6.97 per cent in March to $167.8 billion.
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