Business

Merchandise trade deficit in India falls to $15.6 billion, lowest in 11 months in March

India’s merchandise trade deficit narrowed to an 11-month low of $15.6 billion in March compared to $18.71 billion in February, with a significant decline in imports. The export earnings fell by 0.3 percent to $41.68 billion, while imports dropped by 5.98 percent to $57.28 billion.

The decline in imports of major commodities like gold, fertilisers, and petroleum items contributed to reducing the trade deficit. Despite challenges like the global economic slowdown and geopolitical tensions in the Red Sea region, 17 key sectors saw positive growth in exports in March.

For the full financial year ending on March 31, India’s merchandise trade deficit decreased by 9.33 percent to $240.17 billion, with exports at $437.06 billion and imports at $677.24 billion. Commerce Secretary Sunil Barthwal attributed this success to India overcoming various challenges in the trade environment.

Barthwal stated, “The financial year 2023-24 was difficult from a trade point of view since not only did the Ukraine-Russia conflict continue, but other conflicts came up. There were huge issues with the Red Sea as well as recessionary trends globally. But India has beaten all the odds.”

IANS

IANS, established in 1986, is India's largest independent news service, offering 24x7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

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