In this backdrop, the 17.25% surge in merchandise shipments to overseas markets through October is a positive surprise, with the year’s second-highest tally of $39.2 billion. With services exports rising 14.6% by September, official hopes of cumulative exports through 2024-25 crossing a record $800 billion may yet be attained. The oil trade deficit has hit a record $13.7 billion. Over the past three months, the trade deficit has widened to its second- and third-highest level. The World Trade Organization has pegged global trade growth at 3% in 2025, relative to a 2.7% estimate for this year.

Source: The Hindu November 20, 2024 23:25 UTC