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India’s Exports Expected To Touch $32.38 Billion In March, Highest Ever In A Single Month: Suresh Prabhu
Commerce minister Suresh Prabhu. (Flickr/WEF)
Union commerce minister Suresh Prabhu on Wednesday (3 March) stated that India’s exports are expected to touch $32.38 billion in March, the highest ever in a single month, reports The Hindu Business Line (BL).
The commerce minister will release March trade date on 15 April.
Prabhu said that India’s total exports for the year 2018-19 will cross the $331-billion mark, which will make FY19 the best financial year on record for exports from the country. He noted that though the country’s exports were declining for a long time,“ this year, we would have record exports”.
“The figures in 2018-19 will be the highest ever at a time when there is a worst scenario in the world trade front,” he added.
When The Going Gets Tough
It should be noted that India’s impressive performance on the exports front comes amidst a challenging international environment characterised by a global economic slowdown and rising protectionism amidst US-China trade war and US President Donald Trump’s ‘America First’ posture.
India witnessed a healthy growth rate of 8.8 per cent over the corresponding figure for last year. The trade deficit reached a 17-month low in February as exports for the month surpassed previous year’s figure by 2.44 per cent. At the same time, the imports contracted by 5.4 per cent. This brought down the trade deficit to $9.6 billion as compared to $12.3 billion in February of the previous year.
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