India's Merchandise Exports Grow By 58 Per Cent To Record $34 Billion In March, Trade Deficit At $14.1 Billion SCI Mumbai vessel (Shipping Corporation of India)

In a major positive for the Indian economy, the country's merchandise exports grew 58 per cent to a record $34 billion in the month of March, according to the preliminary data released by the Union Ministry of Commerce, reports Livemint.

This is the highest ever exports in Indian history, both in terms of value and growth, a Commerce Ministry official was quoted in the report as saying.

The development also gains significance as in march the nations' exports and imports faced significant challenges due to the unexpected blockage of the Suez channel by the Ever Given ship for a week.

Indian exporters and importers use the Suez channel for trade worth $200 billion annually with North America, South America and Europe.

The month also saw imports surge by 53 per cent to $48.12 billion. The overall trade deficit for March stood at $14.1 billion.

Meanwhile, it should be noted that the export and import values are both significantly higher month-on-month. The exports in February stood at $28 billion, while imports stood at $41 billion.

Overall, the exports for the entire FY21 contracted by 7.4 per cent to $290 billion while imports fell 18.1 per cent to $389 billion, leading to a trade deficit of $99 billion.

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