Exports grow 11% in March, 9% in FY19

India's exports rose to a five-month high of 11 per cent in March on account of higher growth mainly in pharma, chemicals and engineering sectors, marking the outbound shipments at USD 331 billion for FY 2018-19, official data showed on Monday.

Merchandise exports in March stood at USD 32.55 billion as against USD 29.32 billion in the same month last year.

This is the best growth rate for exports since october 2018, when shipments grew by 17.86 per cent.

Imports rose by 1.44 per cent to USD 43.44 billion in March 2019.

However, trade deficit -- the difference between exports and imports -- narrows to USD 10.89 billion during the month under review as compared to USD 13.51 billion in March 2018.

Oil and gold imports rose by 5.55 per cent and 31.22 per cent to USD 11.75 billion and USD 3.27 billion, respectively in March 2019.

For the full fiscal (2018-19), imports rose by 8.99 per cent to USD 507.44 billion, widening the trade deficit to USD 176.42 billion as against USD 162 billion in 2017-18.

(with news agency inputs)