India closes FY25 with a merchandise trade deficit of $282.83 bn
16 Apr 2025
India exported goods valued at $437.42 billion during the financial year 2024-25 (April-March) against exports valued at $437.07 billion during 2023-24. Merchandise imports during the 2024-25 fiscal stood at a whopping $720.24 billion against imports valued at $678.21 billion during the 2023-24 fiscal. India closed the year with a merchandise trade deficit of $282.83 billion against a deficit of $241.14 billion during the previous fiscal (2023-24).
The country’s merchandise exports rose marginally year-on-year to $41.97 billion in March 2025, compared to exports valued at $41.69 billion in March 2024. Merchandise imports into the country, on the other hand, shot up to $63.51 billion in March 2025 compared to imports valued at $57.03 billion in March 2024. The country also registered a trade deficit of $6.48 billion for March 2025.
Exports of goods other than petroleum and gems and jewellery in March 2025 stood at $34.17 billion against exports valued at $33.66 billion in March 2024. Imports of such products into the country during the month stood at $37.76 billion against imports valued at $35.85 billion in March 2024.
For the 2024-25 fiscal exports of goods excluding petroleum and gems and jewellery stood at $344.26 billion, against such exports valued at $320.21 billion in the 2023-24 fiscal. Imports of such products in the 2024-25 fiscal stood at $453.62 billion, against such imports valued at $424.67 billion in the 2023-24 fiscal.
Major items that showed positive trend in exports included coffee (up 39.2 per cent), drugs and pharmaceuticals (up 31.21 per cent), electronic goods (up 29.57 per cent), marine products (up 28.56 per cent), jute manufacturing, including floor covering (up 21.67 per cent), meat, dairy and poultry products (up 16.62 per cent), tobacco (up 13.95 per cent), tea (up 11.25 per cent), gems and jewellery (up 10.62 per cent), fruits and vegetables (up 8.57 per cent), rice (up 7.62 per cent), carpet (up 6.52 per cent), mica, coal and other ores, minerals, including processed minerals (up 6.35 per cent), ready-made garments (up 3.97 per cent), leather and leather products (up 3.48 per cent), cereal preparations and miscellaneous processed items (up 3.35 per cent), cotton yarn/fabrics/Made-ups, handloom products etc (up 2.16 per cent), and plastic and linoleum (up 1.56 per cent).
Top five export destinations showing year-on-year growth in value in March 2025 included US (35.06 per cent), Australia (70.81 per cent), Kenya (98.46 per cent), Togo (46.52 per cent) and UK (8.43 per cent). For the full fiscal, top five export destinations in terms of value realisation included USA (11.59 per cent), UK (12.08 per cent), Japan (21.12 per cent), UAE (2.84 per cent) and France (11.42 per cent).
India’s top five import sources, in terms of increase in value in March 2025 included UAE (57.25 per cent), China (25.02 per cent), Saudi Arabia (44.03 per cent), Kuwait (93.8 per cent) and Ireland (208.09 per cent). For the full fiscal top five import sources showing year-on-year growth in FY 2024-25 (April-March) included UAE (32.06 per cent), China (11.52 per cent), Thailand (43.99 per cent), USA (7.44 per cent) and Russia (4.39 per cent).
Total export from the country (including merchandise and services, during FY 2024-25 (April-March) stood at an estimated $820.93 billion, showing a positive growth of 5.50 per cent. Total imports during FY2024-25 is estimated at $915.19 billion, showing a growth of 6.85 per cent.
