.jpg)
2 hours ago
3
Article content
(Bloomberg) — India’s trade deficit narrowed in February even as the war in Iran threatens the outlook for global commerce.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The gap between exports and imports shrank to $27.1 billion in February from $34.68 billion a month earlier, according to data from the Ministry of Commerce & Industry. That compares with a $25.9 billion deficit forecast by economists in a Bloomberg survey.
Article content
Article content
Exports fell 0.8% to $36.61 billion from a year earlier while imports rose 24.1% to $63.7 billion.
Article content
Article content
The data comes as India faces a rising import bill with crude oil staying above $100 a barrel. The country is also navigating a complex geopolitical situation to meet its energy needs without antagonizing the US, with which it agreed upon a trade deal last month. While tariff relief lifted optimism among exporters, joint US and Israeli strikes on Iran have now clouded the outlook for trade.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
India has been stepping up diplomatic engagement with Iran to ensure that liquefied petroleum gas keeps flowing through the Strait of Hormuz, which has been effectively shut since the strikes on Iran over two weeks ago. The South Asian nation is the second-largest importer of LPG in the world and is suffering acute shortages of the fuel used in cooking gas and industrial processes.
Article content
The government is taking steps to protect India’s import-dependent economy from the impact of rising oil prices. It has set up a $6.2 billion economic stabilization fund to deal with external global shocks without impacting fiscal consolidation.
Article content
Apart from the fund, the government is also discussing support measures for exporters similar to those implemented during the Covid pandemic to help soften the blow of trade disruptions triggered by the Iran war, Bloomberg earlier reported.
Article content
Advertisement 1
English (US)