India's exports fall 5.71 percent in March, 2012, at USD 28.68 billion, against the level of USD 30.41 billion in March last year, according to the government data released today.

Despite a year-on-year decline in March, India's exports surpassed the USD 300 billion target in 2011-12. Total exports grew by 20.94 percent to USD 303.71 billion.

India managed to exceed the export target of USD 300 billion for the financial year ended March 31, helped by product and market diversification strategy.

Imports grew by 24.28 percent to USD 42.58 billion in March 2012 as compared to USD 34.26 billion recorded during the corresponding month of previous year, according to data released by the ministry of commerce and industry.

Total imports in 2011-12 grew to USD 488.64 billion, 32.15 percent higher than the USD 369.76 billion recorded in the previous year.

Trade deficit widened to a record USD 184.92 billion in 2011-12, substantially higher than the government's target of USD 150 billion, and USD 118.63 billion deficit recorded in the previous fiscal.

Oil imports jumped by 32.45 percent to USD 15.83 billion in March, largely due to high energy prices in the international markets.

Total oil imports in 2011-12 surged by 46.88 percent to USD 155.63 billion. Oil imports bill in 2010-11 was of USD 105.96 billion. This has been the main reason for widening deficit.

Engineering exports grew by 16.9 percent to USD 58.2 billion. Exports of petroleum and oil products surged by 38.5 percent to USD 57.5 billion and gems and jewellery exports increased to USD 45.9 billion, which is 13.3 percent higher than the exports registered in the previous year.

Other sectors which showed healthy performance include: drugs and pharmaceuticals, up 21.9 percent at USD 13.1 billion; leather, up 22.5 percent at USD 4.2 billion; electronics, up 9.2 percent at USD 9 billion; cotton yarn and fabric made-up, up 17.4 percent at USD 7.2 billion, readymade garments yarns and fabrics, up 18 percent at USD 13.7 billion and marine products up 31.4 percent at USD 3.4 billion.

Gold and silver imports jumped by 44.4 percent to USD 61.5 billion. Imports of coal surged by 80.3 percent to USD 17.6 billion and imports of machinery increased by 27.7 percent to USD 35.4 billion.

Imports of electronics goods grew by 23 percent to USD 32.7 billion; iron and steel imports increased by 15 percent to USD 11.9 billion; vegetable oil imports grew by 47.5 percent to USD 9.7 billion; and fertilizer imports surged by 59 percent to USD 11 billion.

However, imports of gems and jewellery fell by 0.6 percent to USD 31 billion.