New Delhi: India’s exports grew marginally by 0.7 per cent to $41.97 billion in March. Imports increased by 11.3 per cent year-on-year to $63.51 billion in March. The trade deficit stood at $21.54 billion in the month. Trade deficit is the difference between exports and imports.
Cumulatively, during the 2024-25 fiscal year (April-March), the country’s exports moved up by 0.08 per cent to $437.42 billion, while imports climbed by 6.62 per cent to $720.24 billion. The country’s overall exports of goods and services increased by 5.5 per cent to $820.93 billion.
Meanwhile, Indian goods exports to the US in the last financial year increased by 11.6%, from $77.52 billion in FY24 to $86.51 billion in FY25. Imports from the US also rose but by a smaller margin of 7.42%, going up from $42.20 billion to $45.33 billion during the fiscal year that ended on 31 March.
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Major goods exported to the US included electronic goods, textiles, drugs and pharmaceuticals, engineering goods, gems and jewellery, petroleum products and agricultural products.
Globally, India’s trade deficit widened sharply to $21.54 billion in March, rising from a three-year low of $14.05 billion in February. Merchandise exports for FY25 stood at $437.42 billion, marginally higher than the $437.07 billion recorded in FY24, while goods imports came in at $720.24 billion in FY25, which was $678.21 billion in FY24, as per commerce ministry data released on Tuesday.
Oil imports surged to $19 billion in March, up from $11.8 billion in February —the highest monthly oil imports since May 2024, when they reached $19.95 billion. Gold imports also nearly doubled to $4.4 billion in March from $2.3 billion in the previous month.
India’s exports of both goods and services in the current fiscal year increased by over 5.39%, reaching $820.93 billion, compared with the previous year. Meanwhile, imports grew by 6.96%, totaling $915.19 billion.
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