In March, India’s goods trade deficit narrowed to an 11-month low of $15.6 billion.
An official data on April 15 showed that India’s goods trade deficit in March narrowed by nearly 17% from the previous month as imports fell sharply while exports rose marginally.
According to Commerce Ministry data, the deficit declined to $15.6 billion in March, from $18.71 billion in February and $16.02 billion in January.
This is the lowest in the last 11 months, with the last time the deficit was this low in April 2023 when it came in at $14.44 billion.
The March figure was much higher than economists’ estimate of a deficit of $18.55 billion.
In March, Goods exports rose marginally to $41.68 billion from $41.40 billion in February amid a slowing pace of global trade growth during 2024.
In March, the total value of merchandise imports fell to $57.28 billion from $60.11 billion in the previous month.
In March, services exports stood at $28.54 billion, down from $32.15 billion in the previous month.
In March, services imports rose marginally to $15.84 billion from $15.39 billion in February.
