…Despite challenges in FY25, the country is on track to reach $800 billion in combined exports of goods and service, says Commerce Secretary

New Delhi – India’s merchandise trade deficit plummeted to a three-and-a-half-year low of $14.05 billion in February, as exports and imports saw a sharp contraction due to softening global petroleum prices and rising economic uncertainty amid restrictive trade practices by the United States.

The trade deficit — the gap between imports and exports — stood at $19.52 billion in February 2024.