The country's merchandise exports, which have been contracting since October last year, are expected to decline slightly by the end of this fiscal year and fall below USD 435 billion, think tank GTRI said on Sunday. Exports dipped 10.85 per cent in February to USD 36.91 billion due to volatility in petroleum prices and global uncertainties. "At this rate, India's total merchandise exports for FY'2025 are expected to be below USD 435 billion, slightly lower than USD 437.1 billion in FY'2024," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. During April-February 2024-25, the exports stood at USD 395.63 billion as against USD 395.38 billion in the corresponding period of 2023-24. Key sectors that recorded negative growth both in February and cumulatively include petroleum products, gems and jewellery, ceramic products and glassware, oil seeds, oil meals, and iron ore. These sectors are facing consistent declines, indicating the need for strategic interventions t