Major Highlights: India’s Trade Deficit Shrinks, Oil Prices Dip After Iran attack on Israel

exports declination and PLI

April 15, 2023

New Delhi, India

Major Highlights Of The Day

India’s Merchandise Trade Deficit Narrows in March

India’s Commerce Ministry released trade data for March 2024, revealing a significant reduction in the country’s merchandise trade deficit. The deficit narrowed to $15.6 billion, down from $18.71 billion in February and $18.96 billion in March 2023.

Imports Fall Sharply, Leading to Deficit Reduction

A key factor contributing to the reduction in India’s trade deficit was a sharp decline in merchandise imports. Imports fell by 5.98 percent to $57.28 billion compared to the previous year. While exports also experienced a slight decrease of 0.3 percent to $41.68 billion, the significant drop in imports outweighed this decline, resulting in a smaller overall deficit.

Oil Prices Drop Following Iran’s Reprisal Attack on Israel

In a separate development, global oil prices experienced a dip after Iran’s reprisal attack on Israel over the weekend. Despite expectations of heightened tensions disrupting the global oil supply, prices fell as the market reacted to the situation.

Brent Crude Trades Lower but Remains Near $90 a Barrel

Brent crude, an international benchmark for oil prices, was trading close to $90 a barrel on Monday morning, down from its recent six-month high. The decline in prices suggests that while there was a temporary spike due to geopolitical tensions, the market quickly adjusted as the situation unfolded.

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