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Informist, Tuesday, Mar. 17, 2026

 

--Minister Goyal: Exports dipped in Mar first week due to West Asia conflict 

--CONTEXT: Minister Goyal's comments in Lok Sabha 

--Minister Goyal: Exports picked up pace in Mar wk 2 despite West Asia crisis 

 

NEW DELHI – India's exports dipped in the first week of March owing to the ongoing geopolitical conflict in West Asia and the closure of the Strait of Hormuz, Commerce and Industry Minister Piyush Goyal said Tuesday. However, exports picked up pace in the second week of March and, by the end of this month, the government hopes to maintain the momentum, Goyal said in response to a question in the Lok Sabha. 

 

Goyal also said that owing to the various global issues currently, India's merchandise trade deficit can widen in the next one to two months. However, the surplus in the services trade will help keep the country's current account deficit in check. 

 

India, along with its peers, has been facing trade constraints after Israel and the US launched joint military strikes on Iran on Feb. 28, prompting Tehran to hit back at the Jewish state and at US military installations around the Persian Gulf region. Iran has also closed the Strait of Hormuz, a narrow waterway connecting the Gulf to the Arabian Sea and the Indian Ocean, resulting in a sharp rise in crude oil and natural gas prices.

 

A fifth of global crude oil supply flows through the Strait, making it a crucial trade route for both India's exports and imports.

 

India's merchandise exports during the first 11 months of 2025-26 (Apr-Mar) rose 1.84% on year to $402.93 billion from $395.66 billion in the same period of FY25. India imported goods worth $713.53 billion in Apr-Feb, 8.53% higher than $657.46 billion in the same period last year. The trade deficit during Apr-Feb widened to $310.60 billion from $261.80 billion a year ago.

 

The government estimates services trade exports at $39.53 billion in February, up 25% on year. Services trade imports rose 13% on year to $16.38 billion last month. India recorded a services trade surplus of $23.15 billion in February, higher than a surplus of $17.14 billion a year ago.  End

 

US$1 = INR 92.43

 

Reported by Priyasmita Dutta

Edited by Tanima Banerjee

 

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