New Delhi, April 15: Exports posted the steepest fall in five months, declining by 7.44 per cent in March to USD 38.92 billion due to trade uncertainty and geopolitical tensions, with shipments to West Asia contracting by more than 50 per cent in the month, according to official data released on Wednesday.
The trade deficit, however, narrowed to a nine-month low of USD 20.67 billion in March on account of lower imports.
Imports dipped by 6.51 per cent to USD 59.59 billion in March, driven by a significant decline in inbound shipments of crude oil and gold, the data showed.
For the full 2025-26 fiscal year, exports grew 0.93 per cent to an all-time high of USD 441.78 billion, while imports rose 7.45 per cent to USD 775 billion. The trade deficit ballooned to USD 333.2 billion due to a jump in gold and silver imports during the last fiscal.
Commerce Secretary Rajesh Agrawal told reporters that the country’s goods and services exports increased by an estimated 4.22 per cent to an all-time high of USD 860.09 billion in 2025-26 against USD 825.26 billion in 2024-25.
“We are hopeful that 2026-27 will be a much better year,” he said.
The secretary said that India’s exports to the Middle East region fell by 57.95 per cent in March, while imports from the Gulf nations fell by 51.64 per cent.
“Our exports to the Middle East in March dipped by 3.5 billion dollars (USD) and it has impacted (overall) exports,” Agrawal told reporters.
Agrawal said that April could also be a tough month for exports due to the conflict, which is hampering ship movements in international waters.
Crude oil imports in March dipped 35.91 per cent to USD 12.18 billion, while in 2025-26, it declined 6.37 per cent to USD 174 billion. Gold imports in March dipped 31.63 per cent to USD 3.06 billion, while in 2025-26, these rose by 24 per cent to USD 71.97 billion. (PTI)
