India's merchandise trade deficit narrowed to $17.49 billion in January as exports edged up by 3.1 percent year-on-year despite the ongoing crisis in the Red Sea disrupting ship movement.
The merchandise trade deficit stood at $19.80 billion in December 2023.
According to data released by the commerce ministry on February 15, India's exports in the first month of 2024 amounted to $36.92 billion, up from $35.80 billion in January 2023 but down from $38.45 billion in December 2023.
Meanwhile, India's merchandise imports were also up 3.0 percent year-on-year last month at $54.41 billion, although they were down from $58.25 billion in December 2023.
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