March trade deficit eases to 11 month low; India’s goods exports shrinks 3% in FY24

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India’s goods exports declined marginally by 0.7 per cent year-on-year (y-o-y) in March amid weak global demand and ongoing geopolitical conflicts, while imports fell by a sharper 6 per cent largely due to lower gold imports narrowing the overall trade gap to an 11-month low of $15.6 billion, data released by the Ministry of Commerce and Industry on Monday showed. For the full financial year 2023-24 (FY24), merchandise exports slid 3.1 per cent and imports contracted 5.4 per cent amid measures taken for import substitution and curtailing unessential imports taking the overall trade gap to $240.18 billion compared to $264.9...