Blitz Bureau
NEW DELHI: India’s merchandise trade deficit narrowed to $26.49 billion in August from $27.35 billion in July, according to data released by the Commerce Ministry on September 15. Exports in August declined to $35.1 billion from $37.24 billion in July amid the US tariff turmoil, triggering uncertainty in global markets, while imports fell to $61.59 billion from $64.59 billion in the previous month.
“Despite global uncertainties and trade policy uncertainties, Indian exporters have done well. It shows that the government’s policy has paid off,” Commerce Secretary Sunil Barthwal said. Meanwhile, Commerce and Industry Minister Piyush Goyal has assured Indian exporters that the Government is actively engaged in creating an enabling environment to help them navigate the challenges arising from rising trade tariffs.
The minister chaired a meeting with Export Promotion Councils and Industry Associations to chart a path forward amid shifting trade dynamics earlier this month. In a major relief to exporters, the government has extended the export obligation period under “advance authorisation” for products falling under mandatory Quality Control Orders from 6 months to 18 months. The order, issued earlier this month by the Directorate General of Foreign Trade (DGFT), issued at the behest of the Department of Chemicals and Petrochemicals, follows a similar adjustment for Quality Control Orders (QCOs) notified by other ministries, such as Textiles, where the period was also extended to 18 months.
