New Delhi: India’s merchandise trade deficit narrowed to $20.67 billion in March this year as the country’s exports rose 6.3 per cent to $38.92 billion from $36.61 billion in February, according to official figures released by the Commerce Ministry on Wednesday.
Commerce Secretary Rajesh Agrawal said that India’s total exports for 2025-26 have crossed $860.09 billion to record a 4.22 per cent growth over the corresponding figure of $825.26 billion for 2024-25.
India’s imports fell by 5.98 per cent to $59.9 billion from $63.71 billion during the month which also contributed to the decline in the fiscal deficit.
According to sources, Indian oil companies relied on their strategic reserves of oil during the month to continue production of petroleum products instead of buying large quantities of crude as prices shot past the $100 a barrel mark during the month. This resulted in cutting down the oil import bill.
The latest figures comes in the backdrop of the continuing disruption in trade due to the Middle East conflict which poses a risk for the global economy.
Meanwhile, the US said its military has completely blockaded Iran’s ports and is not allowing any ships to sail to or leave the country’s shores. However, at the same time, President Donald Trump also said that talks with Tehran on ending the war could resume this week.
The war has prompted Iran to effectively shut the Strait of Hormuz, a key global waterway through 20 per cent of the world’s oil and gas exports transit.
Iran has allowed some Indian LPG ships to sail out of the Persian Gulf through the Strait of Hormuz. India-flagged LPG vessel Jag Vikram, which safely sailed out of the Strait of Hormuz on Saturday, carrying approximately 20,400 metric tonnes of LPG with 24 seafarers onboard, arrived at Kandla port on Tuesday — bringing much needed cargo to augment the supply of cooking gas in the country.
Earlier on April 9, India-flagged merchant ship Green Asha, which crossed the Strait of Hormuz on April 5, safely reached Jawaharlal Nehru Port Authority (JNPA) in Navi Mumbai with a cargo of 15,400 tonnes of liquefied petroleum gas (LPG). The arrival of the tanker came at a crucial time to augment cooking gas supplies in the country amid the West Asia crisis.
(IANS)
