A slowdown in demand for Indian goods from five of its top 10 markets - the United States (US), the United Arab Emirates (UAE), Bangladesh, Germany and Hong Kong resulted in a sharp contraction in exports, at nearly 14 per cent, in March, the latest data released by the commerce and industry ministry showed. This came against the backdrop of geopolitical tensions and fears of recession in several developed economies.
India's top 10 export destinations accounted for 52 per cent of the value of goods shipped in March.
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