Exports Grow 3%; Trade Deficit Narrows To $17.5 Billion In January

New Delhi, Feb 16 (KNN) Exports in January saw a 3 per cent growth, leading to India's trade deficit narrowing to a nine-month low of USD 17.5 billion, according to data released by the commerce department.

This growth was matched by an increase in imports to USD 54.4 billion. Despite challenges such as the Red Sea crisis, global economic recession, and falling commodity prices, India managed to achieve export growth.

Commerce Secretary Sunil Barthwal emphasised the need to navigate the difficult situation in the Red Sea, as reported by TOI.

The government has recently focused on ensuring adequate credit for exporters and stable insurance premiums through the Export Credit Guarantee Corporation.

In a statement, Israr Ahmed, President (Officiate), Federation of Indian Export Organisations (FIEO) also highlighted the importance of addressing the Red Sea crisis by ensuring availability of marine insurance, consistent container supply, and reasonable freight charges.

With services making a strong comeback, the government is optimistic about matching last year's combined export numbers.

Barthwal also mentioned that the government is concentrating on exploring new markets and products to expand Indian exports while also working to address non-tariff barriers in other markets.

(KNN Bureau)