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 $435 billion, think tank GTRI said on Sunday. Exports dipped 10.85 per cent in February to $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 $435 billion, slightly lower than $437.1 billion in FY'2024," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said.