India’s merchandise exports reached USD 34.47 billion, showing a slight dip from the previous month’s figure of USD 35.11 billion. The merchandise trade deficit came to USD 27.14 Bn.
On the import side, merchandise imports stood at USD 61.61 billion, down from USD 63.77 billion in the preceding month. This created a merchandise trade deficit of USD 27.14 billion.
In the services sector, exports climbed to USD 28.51 billion, an increase from the earlier figure of USD 27.95 billion.
Meanwhile, service imports rose to USD 11.49 billion from USD 11.10 billion. The net result was a services trade surplus of USD 17.02 billion.
“India’s total exports are expected to rise above $800 billion in the fiscal year ending in March 2025,” said Trade Secretary, Sunil Barthwal.
The overall trade balance, encompassing both goods and services, settled at a negative USD 10.12 billion.
The year-over-year data reveals a decline in merchandise exports. In contrast, services exports have continued to grow.
Engineering goods and textiles experienced a downturn, while pharmaceuticals have remained steady or shown slight growth.
A trade deficit occurs when a country’s imports exceed its exports over a specific period, resulting in a negative balance of trade. In other words, the country is buying more goods and services from other nations than it is selling to them.
