India’s April-May merchandise trade deficit hits $48.33 bn as imports continue to rise
By Unnikrishnan | 17 Jun 2025
India added $21.88 billion to its trade deficit in May 2025, taking its trade deficit for the first two months of the current financial year (April-May 2025-26), to $48.33 billion.
Merchandise exports from the country declined to $38.73 billion during May 2025 compared to $39.59 billion in May 2024. Merchandise imports into the country stood at $60.61 billion during the month against $61.68 billion in May 2024. Trade deficit for the month stood at $21.88 billion.
Merchandise imports into the country during April-May 2025 stood at $77.19 billion compared to $74.89 billion during April-May 2024. Imports during the April-May 2025 period, however, stood higher at $125.52 billion compared to $116.16 billion during April-May 2024.
Merchandise trade deficit during April-May 2025 stood at $48.33 billion compared to $41.27 billion during April-May 2024.
Exports showing high growth during May 2025 included electronic goods (54.10 per cent), marine products (26.79 per cent), Tobacco (22.69 per cent), meat, dairy and poultry products (16.87 per cent), chemicals (16 per cent), mica, coal and other ores, minerals, including processed minerals (11.65 per cent), ready-made garments (11.35 per cent), spices (11.19 per cent), other cereals (9.64 per cent), jute manufacturing, including floor coverings (9.5 per cent), coffee (8.18 per cent), drugs and pharmaceuticals (7.38 per cent), leather and leather products (6.89 per cent), fruits and vegetables (2.56 per cent), tea (2.3 per cent), ceramic products and glassware (2.27 per cent) and carpet (1 per cent).
Imports showing negative growth during May 2024 included pulses (-51.89 per cent), transport equipment (-28.23 per cent), fertilisers, crude and manufactured products (-26.64 per cent), petroleum, crude and products (-26.14 per cent), newsprint (-20.57 per cent), coal, coke, briquettes, etc (-19.37 per cent), pearls and precious and semi-precious stones (-18.51 per cent), metaliferrous ores and other minerals (-13.53 per cent), gold (-12.6 per cent) and vegetable oil (-3.61 per cent).
Top five export destinations showing year-on-year increase in export value in May 2025 included the US (16.93 per cent), China (25.04 per cent), Australia (35.36 per cent), Russia (48.11 per cent), and Germany (17.05 per cent).
Top five export destinations showing year-on-year growth in export value in April-May 2025 included the US (21.78 per cent), UAE (12.31 per cent), Australia (50.76 per cent), China (18.75 per cent) and Oman (40.94 per cent).
Top five import sources showing higher import value in May 2025 included China (21.61 per cent), UAE (27.64 per cent), Nigeria (89.56 per cent), Hong Kong (29.30 per cent), and Japan (24.32 per cent).
Top five import sources showing higher import value in April-May 2025 compared to April-May 2024 included UAE (52.08 per cent), China (24.23 per cent), US (25.8 per cent), Ireland (287.99 per cent) and Hong Kong (38.50 per cent).
