India''s exports contracted by a third in March to $11.5 billion which is sixth straight fall and many of the analysts have a view that global economic slump would further hurt overseas sales by Indian firms in the month ahead.
Import shrunk by 34% to $15.56 billion in March''09 from a year earlier due to a slowdown in Asia''s third largest economy and volatile global crude prices Clc1, narrowing the trade deficit to $4 billion in March''09 from $6.32 billion a year ago.
India''s exports stood at $168.7 billion in the fiscal year to March, up paltry 3.4% form 2007/08, while imports grew 14.3% to $287.8 billion in 2008/09 as per official data.
Exports account for nearly 16% of India''s gross domestic product, which is a notch below a downwardly revised 2008/09 fiscal year target of $170 billion.
The trade deficit expanded 34% to $119 billion in 2008/09 from $88.5 billion in the previous year.
Import shrunk by 34% to $15.56 billion in March''09 from a year earlier due to a slowdown in Asia''s third largest economy and volatile global crude prices Clc1, narrowing the trade deficit to $4 billion in March''09 from $6.32 billion a year ago.
India''s exports stood at $168.7 billion in the fiscal year to March, up paltry 3.4% form 2007/08, while imports grew 14.3% to $287.8 billion in 2008/09 as per official data.
Exports account for nearly 16% of India''s gross domestic product, which is a notch below a downwardly revised 2008/09 fiscal year target of $170 billion.
The trade deficit expanded 34% to $119 billion in 2008/09 from $88.5 billion in the previous year.
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