India’s goods exports increased to a modest 0.7 percent to $ 41.97 billion in March this year. At the same time, the trade deficit also increased to $ 21.54 billion during the month. According to the data released by the Ministry of Commerce on Tuesday, imports in March this year increased by 11.3 percent to 63.51 billion dolls.
The country’s exports in the entire financial year 2024-25 (April-March) increased by 0.08 percent to $ 437.42 billion, while imports increased by 6.62 percent to $ 720.24 billion. This led to the trade deficit to $ 282.82 billion. The trade deficit in February this year was US $ 14.05 billion. The difference between exports and imports in March last year was US $ 15.33 billion. At the same time, it was US $ 241.14 billion for FY 2023-24.
India exported so much dollar in fY 2024-25
The country’s total goods and service exports are estimated to reach a record level of $ 820.93 billion in 2024-25. This is a 5.5 percent increase compared to 2023-24. During that time it was $ 778.13 billion. Service exports are estimated to be $ 383.51 billion in the last financial year, compared to $ 341.06 billion in 2023-24. Import in 2024-25 stood at $ 194.95 billion, while in 2023-24 it was $ 178.31 billion.
Commerce Secretary Sunil Barthwal said that despite global challenges, the goods export in 2024-25 is the highest so far. He told reporters here that the total exports are also at the highest level till now. Engineering, electronic, medicine, all types of clothes made exports from areas like clothes, rice, cotton threads/clothes, plastic, coffee, spices, tea and tobacco.
Engineering exports stood at $ 116.67 billion in 2024-25, $ 109.3 billion in 2023-24. This was followed by electronic ($ 38.38 billion), medicine ($ 30.47 billion), stitched costumes ($ 15.99 billion), rice ($ 12.47 billion), cotton thread/clothes ($ 12.06 billion), plastic ($ 8.92 billion).
In the last financial year, areas which declined by the earlier financial year include petroleum products ($ 63.34 billion against $ 84.16 billion), gems and jewelery ($ 29.81 billion against $ 32.17 billion) and chemicals ($ 28.7 billion against $ 29.38 billion).
Gold imports increased in last financial year
According to the data, gold imports increased to $ 58.01 billion in the last financial year, which was $ 45.54 billion in 2023-24. In terms of volume, imports declined to 757.15 tonnes in 2024-25, which was 795.32 tonnes in 2023-24. On the import front, other import areas registering an increase in the last financial year include crude oil ($ 185.78 billion against $ 178.73 billion) and electronic goods ($ 98.73 billion against $ 87.86 billion). However, the import of coal and coke declined to $ 31.09 billion in 2024–25, which was $ 38.88 billion in the last financial year 2023-24.