Trade deficit narrows to 9-month low in January

NEW DELHI: India’s trade deficit narrowed to a nine-month low of $17.5 billion in January as exports grew 3% to $36.9 billion, with a matching increase in imports to $54.4 billion, according to data released by the commerce department.
“Despite the Red Sea crisis, recession in developed countries and a fall in commodity prices, we have been able to achieve a growth…the objective is to see how we can navigate the difficult situation in Red Sea,” commerce secretary Sunil Barthwal said.

In recent weeks, govt has sought to ensure that there is adequate credit available to exporters and insurance premium through Export Credit Guarantee Corporation does not rise despite the tension.
In a statement, Fieo chief Israr Ahmed said need of the hour is to address the Red Sea crisis by ensuring availability of marine insurance, regular supply of containers, and a reasonable rise in freight charges. With services staging a strong comeback, the government is confident of matching last years’ combined numbers.
Barthwal said govt is focusing on new markets and products to expand the footprint of Indian exports and is also working with businesses to ensure that non-tariff barriers do not pose hurdles in other markets.