Earnings from merchandise export fell by 2.49 per cent year on year to $4.64 billion in March as demand from key markets in the West declined amid high inflation and a slowdown in the economies.

The March earning is also 7.50 per cent below the monthly target of $5.02 billion.

The earnings from merchandise shipment were $4.77 billion in March last year, according to data from the Export Promotion Bureau (EPB) released today.

However, overall earnings grew 8 per cent year on year to $41.72 billion in the July-March period of the current fiscal year 2022-23.