India: Merchandise exports growth surges in March
Merchandise exports increased 58.8% in annual terms in March, on the heels of February’s 1.0% expansion. Meanwhile, merchandise imports rose 54.4% in annual terms in March (February: +8.1% yoy). March’s result was predominately flattered by a low base effect as the pandemic that began around this time last year dented global economic trade. The next several months will likely experience similar exaggerated growth figures.
Meanwhile, the merchandise trade balance deteriorated from the previous month, recording a USD 14.1 billion shortfall in March (February 2021: USD 12.6 billion deficit; March 2020: USD 9.8 billion deficit). Lastly, the trend deteriorated slightly, with the 12-month trailing merchandise trade balance recording a USD 98.7 billion deficit in March, compared to the USD 94.4 billion deficit in February.