Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Trade deficit narrows to 11-month low of $15.60 billion in March as India cuts overseas purchases.


Date: 16-04-2024
Subject: Trade deficit narrows to 11-month low of $15.60 billion in March as India cuts overseas purchases
India's merchandise trade deficit narrowed to a 11-month low of $15.60 billion on an annual basis in March, government data showed on Monday. A poll of economists by news agency Reuters had pegged the deficit for March at $18.55 billion.

Merchandise exports and imports in March stood at $41.68 billion and $57.28 billion respectively.


In the previous month, merchandise exports were $41.40 billion, while imports were $60.11 billion. In March, services exports were $28.54 billion, while imports were $15.84 billion. In February, services exports were $32.35 billion and imports were $15.39 billion.

India’s exports are moving in a “positive cycle,” Commerce Secretary Sunil Barthwal said. The outbound shipments remained above $40 billion for the second consecutive month in the fiscal year that ended March.


Merchandise exports in FY24 dipped 3.11 per cent to $437.06 billion. Imports in FY24 slipped 5.41 per cent to $677.24 billion. Main drivers of merchandise export growth in 2023-24 include electronic goods, drugs and pharmaceuticals, engineering goods, iron ore, cotton yarn/fabs/made-ups, handloom products and ceramic products and glassware.


Policymakers across the world are worried about the geopolitical situation abroad. With escalating tensions in the Middle East after Iran's recent attack on Israel, there are worries about potential repercussions on global economic growth. India, the world's third-largest oil importer and consumer, relies heavily on the Middle East for a substantial portion of its petroleum imports.


India is keeping a watch on the evolving trade situation amid the Middle East conflict, Barthwal said.


"Policy interventions will only come after we understand the issues traders are facing. Based on that exercise, whatever is needed definitely government will address that," Barthwal said.


India's shrinking trade deficit is expected to assist in maintaining its current account deficit at manageable levels. The deficit decreased to 1.2 per cent of the gross domestic product during the October-December quarter.

Source Name : Economic Times

 

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 09-05-2025
Notification No. 29/2025-Customs
Seeks to exempt works of art and antiques from Basic Customs Duty

Date: 30-04-2025
Notification No. 02/2025-Customs (CVD)
Seeks to amend Notification No. 05/2024-Customs (CVD) dated the 11th September, 2024 so as to align with changes made vide Finance Act, 2025

Date: 30-04-2025
Notification No. 26/2025-Customs
Seeks to rescind Notification No. 04/2025-Customs dated the 1st February, 2025

Date: 30-04-2025
Notification No. 27/2025-Customs
Seeks to amend Second Schedule to the Customs Tariff Act, to align it with changes made in the First Schedule to the Customs Tariff Act vide Finance Act, 2025.

Date: 30-04-2025
Notification No. 28/2025-Customs
Seeks to amend Notification no. 27/2011-customs dated 1 st March, 2011 and Notification No. 22/2024-Customs, dated 2 nd April, 2024 to align them with the changes made in the Second Schedule to the Customs Tariff Act.

Date: 30-04-2025
Notification No. 33/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 28-04-2025
Notification No. 24/2025-Customs
Seeks to amend List 34A and 34B of the Notification No. 50/2017-Customs dated 30.06.2017

Date: 24-04-2025
Notification No.31/2025-Customs (N.T.)
Goods Imported (Conditions of Transshipment) Regulations, 2025

Date: 23-04-2025
Notification No. 28/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 17-04-2025
Notification No. 26/2025 – Customs (N.T.)
Amendment to Notification No. 77/2023-Customs (N.T.) dated 20.10.2023 - Revision of rate of duty drawback of Gold jewellery and silver jewellery/articles



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001