Mumbai: Exports fell for the 16th month in a row by 5.47 per cent in March to $22.71 billion due to contraction of 21.43 per cent in shipments of petroleum to $2.07 billion in March, and engineering goods by 11.29 per cent to $5.34 billion.
The commerce ministry said the trend of falling exports is in line with other major world economies.
The trade deficit also fell to $5.07 billion as imports too contracted by 21.56 per cent to $27.78 billion led by gold imports which plunged in March by 80.48 per cent to $972.96 million probably due to the 45-day old jewellers strike.
The trade gap between imports and exports was $11.39 billion in March 2015. Cumulative exports for April-March 2015-16, declined by 15.85 per cent to $261.13 billion, as against $310.3 billion in 2014-15.
Mr T.S. Bhasin, chairman, EEPC, said policies like severe import restrictions on steel are aggravating the problems for the engineering exporters.
