India’s trade deficit rose to $18.71 billion in February from January’s $17.49 billion, driven by increased imports over exports. Goods imports surged to $60.11 billion, while exports rose to $41.40 billion. The Red Sea crisis affected export growth, according to Commerce Secretary Sunil Barthwal. Service exports stagnated at $32.15 billion, while imports decreased to $15.39 billion. Despite challenges, India experienced the highest export growth in merchandise and services in 11 months. Barthwal remains optimistic, projecting a strong outlook for 2024-25 after enduring difficulties in the previous fiscal year.
India’s Trade Deficit Widens Amid Red Sea Crisis
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