According to the Ministry of Commerce & Industry (MoC&I)’s latest data, India’s combined merchandise and services exports, registered 6.24% Year-on-Year (Y-o-Y) growth from April to February of Financial Year 2024-25 (FY25), reaching USD 750.53 billion against USD 706.43 billion during the same period of previous FY.
- While, India’s combined merchandise and services imports were estimated at USD 839.89 billion during April-February of FY25 compared to USD 782.90 billion for the same period of FY24, showing a growth of 7.28%.
Key Findings:
i.India’s total exports, including both merchandise and services is estimated at USD 71.95 billion for February 2025 , registering growth of 3.16% compared to 69.74 billion in February 2024.
ii.Also, the cumulative value of India’s merchandise and services imports has registered a negative growth of (-11.34%), from 76.15 billion (in February 2024) to USD 67.52 billion (in February 2025).
iii.As per the data, India’s trade deficit has decreased to 3-year low of USD 14 billion in February 2025 compared to USD 19.51 billion during the same period a year ago.
Merchandise Trade:
i.As per the data, India’s overall merchandise exports sector decreased by 10.8% for the 4th consecutive month of FY25, to USD 36.91 billion(in February 2025) from USD 41.41 billion registered in the same month of FY24.This decrease is mainly due to volatility in petroleum prices and ongoing global uncertainties.
- Also, total merchandise imports decreased significantly by 16.3% to USD 50.96 billion (in February 2025) which is the lowest since April 2023, compared to USD 60.92 billion registered in last fiscal year.
ii.The combined value of merchandise exports saw a marginal growth of 0.06%, from USD 395.38 billion during April-February of FY24 to USD 395.63 billion during April-February of FY25.
- Similarly, the total merchandise imports during April-February of FY25, were estimated at USD 656.68 billion as against USD 621.19 billion during the same period of previous year.
iii.Merchandise trade deficit was estimated at USD 261.06 billion during April-February of FY25 as compared to USD 225.81 billion during same period of FY24.
iv.The key drivers of merchandise exports growth in February 2025 were: electronic goods, rice, mica, coal and other ores, among others.
Services Trade:
i.As per the data, India’s total services export was estimated at USD 35.03 billion(in February 2025) compared to USD 28.33 billion registered in February 2024.
- Similarly, total services import was estimated at USD 16.55 billion in February 2025, up from USD 15.23 billion registered in February 2024.
ii.The total value of service exports was estimated at USD 354.90 billion during April-February of FY25 as against USD 311.05 billion during April-February of FY24.
- Also, the total value of imports during April-February of FY25, were estimated at USD 183.21billion as against USD 161.71 billion during the same period of previous year.
iii.The services sector registered a trade surplus of USD 171.69 billion during April-February of FY25 as compared to USD 149.34 billion during same period of FY24.
Note: Top-five export destinations, in terms of change in value, exhibiting positive growth in April-February 2024-25 are the United States(US) (9.1 per cent), the United Arab Emirates (UAE) (5.19 per cent), the United Kingdom (UK) (12.47 per cent), Japan (21.67 per cent), and the Netherlands (3.68 per cent).
About Ministry of Commerce and Industry (MoCI):
Union Minister- Piyush Goyal (Constituency- Mumbai North, Maharashtra)
Minister of State (MoS)- Jitin Prasada (Constituency- Pilibhit, Uttar Pradesh, UP)
