Surging Gold Imports Take India’s Trade Deficit To $14 Billion In March: ICICI Securities

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ICICI Securities Report

India’s imports and exports increased sharply during March 2021: imports surged 54% YoY to $48.4 billion while exports rose 60% YoY to $34.4 billion respectively.

As a result, trade deficit widened to $13.9 billion from $12.6 billion in February and $9.98 billion in March 2020.

While prima facie, the increase in imports and exports looks sharp, it is a combination of two factors.

Firstly, March 2021 numbers are on a low base- imports and exports contracted 28% and 34% respectively in March 2020.

Secondly, while almost all items recorded positive growth, majority of the growth in imports and exports was driven by abnormal growth in a handful of items.

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