India’s merchandise trade deficit plummeted to a three-and-a-half-year low of $14.05 billion in February, as exports and imports saw a sharp contraction due to softening global petroleum prices and rising economic uncertainty amid restrictive trade practices by the United States.
The trade deficit — the gap between imports and exports — stood at $19.52 billion in February 2024.
The outlook for India’s merchandise exports remains uncertain due to the looming threat of reciprocal tariffs the US plans to impose on trading partners starting April 2. The US has already levied a 25 per cent duty on steel and aluminium imports. Exporters also report a troubling trend of American importers holding back orders in anticipation of further tariffs. India’s export contraction stood out among other emerging market economies.
Source: The Business Standard
Slovenia's potential involvement in the IMEEC could position Port Koper as a vital trade route between India and Central/Eastern Europe. Slovenian Minister Tanja Fajon highlights direct shipping links, potential economic benefits, and support for a Free Trade Agreement between the EU and India. SITE initiative collaboration aims at sectors like renewable energy, space, and food processing.
Source: The Economic Times
India and New Zealand will resume talks for a proposed Free Trade Agreement (FTA), Prime Minister Narendra Modi announced on March 17, 2025. The FTA negotiations had stalled in 2015 due to disagreements over sensitive areas like dairy and agriculture.
Source: The Economic Times
India and the EU should collaborate to address non-tariff barriers and align standards to ease trade, amid global economic uncertainties, said Jitin Prasada, India's minister of state for commerce and industry. He emphasized the need for Europe to diversify its supply chain and highlighted India's large talent pool in sectors like IT, engineering, healthcare, and fintech. "We can work together to ensure a simplified visa process and mutual recognition of qualifications," he said at an event organised by the Confederation of Indian Industry.
Source: The Economic Times
Giriraj Singh, the Union Minister of Textiles, has accused the Punjab Government of not supporting Ludhiana’s textile sector because it lacks policies that are conducive to growth.
Speaking to the media in Ludhiana, the Minister said that Punjab’s refusal to participate in the PM MITRA scheme, which aims to build integrated, expansive textile parks with top-notch infrastructure to support the Indian textile industry and increase its competitiveness internationally, is a sad state.
He stated that with a first investment of US $ 115 million (Rs. 1000 crore), the Centre wished to offer this initiative to Punjab for the textile sector situated in Ludhiana. One lakh more jobs may have been created as a result, but it appears the State Government wants to dismantle the textile sector here.
Source: Apparel Resource
GTN Textiles has faced notable volatility, reaching a new 52-week low and underperforming its sector. The company has seen a significant decline over the past two days and has reported a 29.45% drop in performance over the past year, raising concerns about its financial stability.
Source: Market Moja
Textile millers have accused their Indian counterparts of dumping yarn and fabric in the Bangladeshi market as part of a "conspiracy" to destroy the local industry, urging the government to initiate anti-dumping measures to protect the sector.
"We are convinced that this is a deliberate conspiracy aimed at destroying our textile and garment industries, just as our jute industry was destroyed," alleged Showkat Aziz Russell, president of the Bangladesh Textile Mills Association (BTMA). The business leader said that Indian mills have become a threat to Bangladesh's industry by selling yarn and fabric at prices lower than production costs, which are being smuggled through illegal channels and land ports. This practice is known as dumping where a product is sold abroad that is lower than the price at which it is sold domestically.
Source: TBS News
Textile exports in Pakistan saw a growth of 9.31 percent during the first eight months of the current financial year (July-February 2024-25), according to the Pakistan Bureau of Statistics (PBS).
The country’s textile exports reached $12,183.729 million, up from $11,145.647 million in the same period last year.
The main contributors to this growth were various textile commodities. Cotton cloth exports rose by 1.48 percent, reaching $1,278.484 million compared to $1,259.896 million last year.
Similarly, the export of knitwear surged by 17.08 percent to $3,399.483 million from $2,903.539 million. Other textile items that saw positive growth included bed wear, with exports up 13.11 percent to $2,118.501 million from $1,873.008 million, and towels, which saw a 5.59 percent rise to $729.337 million from $690.745 million.
The export of tents, canvas, and tarpaulin also increased by 18.56 percent, reaching $91.381 million from $77.079 million last year.
Source: Pakistan Today
