India’s merchandise exports stood at $34.47 billion, down slightly from the previous month’s $35.11 billion. The trade deficit stood at $27.14 billion.
On the import side, imports of goods amounted to $61.61 billion, compared to $63.77 billion in the previous month. This created a trade balance deficit of $27.14 billion.
In the services sector, exports rose to $28.51 billion, up from the previous figure of $27.95 billion.
Meanwhile, imports of services rose from $11.10 billion to $11.49 billion. The net result was a services trade surplus of $17.02 billion.
“Total Indian exports are expected to exceed $800 billion in the fiscal year ending March 2025,” Commerce Minister Sunil Barthwal said.
The total trade balance, which includes both goods and services, amounted to negative $10.12 billion.
The year-on-year data shows a decline in goods exports. Services exports, on the other hand, have continued to grow.
Technical goods and textiles experienced a decline, while the pharmaceutical sector remained stable or showed slight growth.
A trade deficit occurs when a country’s imports exceed its exports over a period of time, resulting in a negative trade balance. In other words, the country buys more goods and services from other countries than it sells to them.
