India’s exports turned positive after four months recording a marginal 0.7 per cent increase to $41.97 billion in March, while the trade deficit widened to $21.54 billion, the government data showed on Tuesday.
Photograph: Wolfgang Rattay/Reuters
Imports increased by 11.3 per cent year-on-year to $63.51 billion in March, according to the data released by the commerce ministry data.
Cumulatively, during the 2024-25 financial year (April-March), the country’s exports moved up a tad by 0.08 per cent to $437.42 billion, whereas imports climbed by 6.62 per cent to $720.24 billion, leaving a trade deficit of $282.82 billion.
The trade deficit in February this year was $14.05 billion.
In March last year, the difference between exports and imports stood at $15.33 billion.
During 2023-24, it was $241.14 billion.
As regards imports, the growth rose to a four-month high of 11.3 per cent year-on-year to $63.51 billion in March.
The country’s overall exports of goods and services are estimated to reach a “record” of $820.93 billion in 2024-25, an increase of 5.5 per cent over 2023-24 when these outbound shipments stood at $778.13 billion.
Services exports are estimated at $383.51 billion last fiscal against $341.06 billion in 2023-24. The imports stood at $194.95 billion in 2024-25 against $178.31 billion in 2023-24.
Commenting on the data, Commerce Secretary Sunil Barthwal said despite global challenges, the merchandise exports touched the “highest” ever figures in 2024-25.
The overall shipments were also “highest” ever, he told reporters in New Delhi.
The major drivers of growth include engineering, electronics, pharma, ready-made garments of all textiles, rice, cotton yarn/fabrics, plastics, coffee, spices, tea and tobacco.
In 2024-25, engineering exports touched a maximum of $116.67 billion against $109.3 billion in 2023-24. It was followed by electronics ($38.38 billion against $29.12 billion), pharma ($30.47 billion against $27.85 billion), ready-made garments of all textiles ($15.99 billion against $14.53 billion), rice ($12.47 billion against $10.42 billion), cotton yarn/fabrics ($12.06 billion against $11.68 billion), plastics ($8.92 billion against $8.09 billion).
Sectors which recorded negative growth last fiscal include petroleum products ($63.34 billion against $84.16 billion), gems and jewellery ($29.81 billion against $32.17 billion), and chemicals ($28.7 billion against $29.38 billion).
According to the data, gold imports have increased to $58.01 billion last fiscal against $45.54 billion. In volume terms, the imports dipped to 757.15 tonnes in 2024-25 against 795.32 tonnes in 2023-24.
Other import sectors that recorded positive growth last fiscal include crude oil ($185.78 billion against $178.73 billion), and electronic goods ($98.73 billion against $87.86 billion).
Coal, and coke imports, however, dipped to $31.09 billion in 2024-25 against $38.88 billion in 2023-24.
