India's exports dipped deeper in the negative zone recording a decline of 21 per cent in March, the biggest fall in the last six years, pulling down the total shipment for 2014-15 to $310.5 billion, missing the target. Exports have been on downward spiral since December last year. The previous biggest decline in export was in July 2009, when it dipped by 28.4 per cent.
Falling exports and an increase in gold imports have widened the trade deficit to four-month high of $11.79 billion in March. Gold imports in March almost doubled to $4.98 billion. Falling exports of petroleum products (59.5 per cent), gems and jewellery (8.36 per cent), chemicals (5.36 per cent).