India misses export target; trade deficit widens

India'a trade deficit (difference between exports and imports) for the year ended March 31 2015 widened by $1.3 billion, at $137 billion. 

Exports for the month for the month of March declined 21%, at $24 billion as against $30.34 billion in March 2014. Exports for the full year ended March 31, 2015 declined by 1.23% and stood at $310.5 billion. 

Gold imports for the month of March nearly doubled to $4.98 billion. 

India has set an export target of $340 billion which was missed by quite a margin. 

Imports for the month of March 2015 came in 13.44% lower as against the same month of last year. 

Fall in global crude oil prices by nearly 60% since July 2014 showed its impact as India's fuel bill for March 2015 dropped 52.68%.