Iran war hits Indian economy:Exports to West Asia crash 58% in March due to the conflict, says Commerce Secretary

Iran war has begun to impact the performance of Indian economy. Commerce Secretary, Rajesh Agrawal said on Wednesday, 15 April, 2026, that the exports to West Asia have fallen 57.95% in March 2026 due to the conflict. Similarly, the imports from the Middle East region have also declined 51.46% in March due to the conflict, added Agrawal. Country’s exports to all trading partners in March dropped 7.44% to $38.92 billion (₹3.61 lakh crore.) India’s full year trade not affected: Albeit, India’s goods and services exports rose 4.22% year-on-year (YoY) to 860 billion (₹79.98 lakh crore) in 2025-26. Similarly, India’s imports in 2025-26 rose to $774.98 billion (₹72.07 lakh crore) compared to $721.2 billion (₹67.07 lakh crore) recorded a year ago. India-UK FTA in May? Agrawal also said that the India-UK FTA may come into force in May 2026. India-US trade deal: On the other hand, Additional Secretary Darpan Jain said that the Indian team would visit the US for trade talks from 20 April. (This is a developing news)