New Delhi, March 31 -- India's merchandise exports are projected to fall below USD 435 billion for the fiscal year ending March 2025, slightly lower than the USD 437.1 billion recorded in FY'2024, according to the Global Trade Research Initiative (GTRI).

This forecast comes as exports have been contracting consistently since October last year, with February figures showing a 10.85 percent decline to USD 36.91 billion.

The decline has been attributed to volatility in petroleum prices and ongoing global uncertainties, according to GTRI Founder Ajay Srivastava.

Despite the overall downward trend, cumulative exports for April-February 2024-25 stood at USD 395.63 billion, marginally higher than the USD 395.38 billion registered during the s...