New Delhi, Apr 15 (KNN) India's merchandise trade deficit narrowed substantially to USD 15.60 billion in March 2024, according to the data released by the Ministry of Commerce. This significant reduction in the trade deficit was driven by an increase in exports and a decline in imports during the month.

India's merchandise exports rose to USD 41.68 billion in March 2024, while imports declined to USD 57.28 billion. In the previous month of February 2024, merchandise exports were USD 41.40 billion, and imports stood at USD 60.11 billion.

In the services sector, exports were USD 28.54 billion in March, lower than February's USD 32.35 billion, while imports were USD 15.84 billion, slightly higher than the previous month's USD 15.39 billion.

Addressing a media briefing, Commerce Secretary Sunil Barthwal acknowledged the challenges faced during the previous fiscal year, stating, "The previous fiscal year was difficult from a trade point of view since not only did the Ukraine-Russia conflict continue, but other conflicts came up.”

He added, “There were huge issues with the Red Sea as well as recessionary trends globally. But India has beaten all the odds. India's FY24 trade deficit has narrowed substantially."

Barthwal further mentioned that the country is closely monitoring the impact of the Iran-Israel conflict on trade, as geopolitical tensions continue to pose potential risks to global trade flows.

(KNN Bureau)