New Delhi, April 16 -- India's exports took a blow in March, with merchandise exports falling to $38.9 billion from $42.1 billion a year earlier. Imports fell to $59.6 billion from $63.7 billion, helping narrow last month's goods-trade deficit to $20.7 billion.

The impact of the US war on Iran seems to have started playing out. But since it impacted only the last month of 2025-26, goods exports still managed to notch up a gain last fiscal year, rising to $441.8 billion from $437.7 billion in 2024-25. This was in the face of US tariff headwinds and it's a relief that we saw no shrinkage last year.

For windy conditions and turbulence to recede, however, we need the war to end quickly and clarity to emerge on the status of India's trade ti...