IANS | 15 Apr, 2024
India's merchandise trade deficit narrowed to an 11-month low of
$15.6 billion in March compared to $18.71 billion in February as there
was a significant decline in imports during the month, figures released
by the Commerce Ministry on Monday showed.
The merchandise trade deficit, which shows the
amount by which earnings from export goods of a country fall short of
its imported commodities, had touched $18.96 billion in March last year.
However,
there was a marginal decline of 0.3 percent in exports to $41.68
billion during the month amid the global economic slowdown and the
disruption in shipping due to geopolitical tensions in the Red Sea
region.
As many as 17 of the 30 key sectors such as
electronic items, pharmaceuticals and engineering goods posted a
positive growth in exports in March as compared to the same period last
year.
The imports during the month fell by 5.98 percent to
$57.28 billion which helped to reduce the trade deficit. The major
commodities which recorded a decline in imports include gold,
fertilisers, leather products, iron and steel and petroleum items.
For
the full financial year ended on March 31, India's merchandise trade
deficit declined by 9.33 percent to $240.17 billion. Exports during
2023-24 worked out to $437.06 billion, declining 3.11 percent while
imports fell by 5.41 percent at $677.24 billion.
Commerce
Secretary Sunil Barthwal said: "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."