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- According to data released by the commerce and Industry ministry, India’s trade deficit has reduced to $10.89 billion in March,2019 due to rise in exports.
- The exports has increased by 11% in March from a year earlier,while imports were up by 1.44% during the same period.
- The rise in exports was driven by higher growth in pharmaceutical, chemicals and engineering sectors.Further,the imports have also increased due to rise in oil and gold imports.
- A trade deficit is an economic measure of international trade in which a country’s imports exceed its exports.A trade deficit represents an outflow of domestic currency to foreign markets.