India Trade Deficit Narrows

(RTTNews) - India's trade deficit narrowed from last month in March, data from the Ministry of Commerce and Industry showed Monday.

Imports fell 21.56 percent to $27.79 billion in March from $35.43 billion in the corresponding month last year.

Exports fell $22.72 billion last month, down 5.47 percent from $24.03 billion a year earlier.

Consequently, trade deficit narrowed to $5.07 billion from February's $6.54 billion. The shortfall was $11.40 billion in March 2015.

The trade deficit for fiscal 2015-16 was $118.46 billion, down from the $13.77 billion shortfall recorded in the previous financial year.