India’s Trade Remains Stable Despite West Asia Crisis: Piyush Goyal

New Delhi, Mar 18 (KNN) Union Commerce and Industry Minister Piyush Goyal has said that India’s trade performance is stable despite disruptions caused by the ongoing West Asia conflict, highlighting continued growth in services exports and overall resilience in external trade.

In a statement in Lok Sabha, the minister said merchandise exports did not decline in February, while services exports continued to grow strongly. He added that after a brief slowdown in early March, export growth recovered in the second week and is expected to remain stable by month-end.

Goyal noted, "Amid the adverse situations in the world, anyone could think that ships cannot pass through the Strait of Hormuz, freight has hiked by 3 times, and there is no insurance. Despite that, in the month of February, trade of goods was constant and did not decline, while the growth in services is rapidly increasing,” ANI reported.

He added that although there was a slight weakening in the first week of March, exports saw positive growth in the second week and are expected to be maintained by the end of the month.

The minister emphasised the importance of assessing combined goods and services trade rather than focusing on individual segments. He said India’s overall trade deficit has remained contained at around 1–1.25 per cent of GDP, supported by strong growth in services exports over the past few years.

He added that the government is focusing on sectors where India holds a competitive advantage to strengthen its global trade position.

(KNN Bureau)