Marginal Rise in Merchandise Exports Amid Surging Imports

The country's merchandise exports slightly increased by 0.61% to USD 36.56 billion in January. However, imports surged by 19.2% to USD 71.24 billion, resulting in a trade deficit of USD 34.68 billion. Exports of goods and services are expected to surpass USD 860 billion this fiscal year.

Merchandise exports in the country saw a marginal uptick of 0.61% in January, reaching USD 36.56 billion, according to Commerce Secretary Rajesh Agrawal.

Despite this rise, imports have significantly grown by 19.2%, amounting to USD 71.24 billion for the same period, which led to a trade deficit of USD 34.68 billion.

Agrawal also noted the overall upward trend in both goods and services exports, predicting a total surpassing USD 860 billion for this fiscal year.

(With inputs from agencies.)