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India's March trade deficit narrows to US$5.07b: govt
[NEW DELHI] India's trade deficit narrowed for the third straight month in March to US$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 per cent 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 US$118.5 billon, compared with US$137.7 billon in the previous fiscal year.