India’s trade deficit narrowed for the third straight month in March to $5.07 billion, as imports shrank at a faster pace than exports, data showed on Monday.
Although exports for the year ending March were the weakest since 2010/11, down 15.85 percent from a year ago, the narrowing trade gap showed that India – the world’s No.3 crude importer – has been a net beneficiary of the collapse in oil prices.
For the 2015/16 fiscal year that ended in March, the trade deficit stood at $118.5 billion, compared with $137.7 billion in the previous fiscal year.