Expressing concern on the decline in exports for two consecutive months, Dr Arbind Prasad, Director General, FICCI said "it is worrisome that our exports fell by more than 3 per cent in each of the last two
months and we have missed the export target of $325 billion. Looking ahead, global growth is expected to improve and the expansion in global output is likely to be led by developed economies, particularly USA. We hope growth in export will pick up this year on the back of such recovery though weakness in China and strengthening of Rupee pose some risk."

"27% contraction in our trade deficit to $138.6 billion last year from over $190 billion in 2012-13 is a positive development; it will further ease the pressure on our current account deficit and considerably reduce the country's external sector vulnerabilities," Dr Prasad added.

Exports during March, 2014 were valued at US $ 29.57 billion which was 3.15 per cent lower in dollar terms. Imports during March, 2014 were valued at $ 40.08 billion representing a negative growth of 2.11 per cent in dollar terms and growth of 9.79 per cent in rupee terms over the level of imports valued at US $ 40.94 billion in March, 2013.

Read more on the trade data here