India trade deficit narrows to 20.67 billion in March

The merchandise trade deficit for India narrowed unexpectedly in March, falling to $20.67 billion as a surge in demand from the United States helped offset the economic strain caused by conflict in the Middle East. Government data released on Wednesday showed that exports rose to $38.92 billion, up from $36.61 billion the previous month, while imports declined to $59.59 billion from $63.71 billion. This result significantly outperformed market expectations, as economists had previously forecast the deficit to widen to $32.75 billion compared to the $27.1 billion recorded in February.