In 2024-25, India exported $387.54 bn worth of services, against imports of $198.14 bn, earning all-time high surplus of $189.40 bn. This offset 2/3rd of goods trade deficit.
According to the Niti Aayog quarter trade watch report launched Monday, India’s total trade in FY 2025 was at US$1.73 trillion—exports at US$823 billion & imports US$908 billion.
Despite contraction in exports, India’s merchandise trade deficit improved in 2023-24, owing to steeper drop in imports. However, the trade deficit with China & Russia widened.
Smaller deficit this year could be down to slowing Chinese economy. In terms of volume, Indian exports to China remain roughly one-tenth of Chinese exports to India.
Indian commerce ministry data shows imports in October stood at $65.03 billion, exports were $33.57 billion. At $60 billion for April-October 2023, Chinese imports double that of Russia’s.
Modi to attend Indonesia meet just days before G20 Summit. India, whose trade deficit with bloc stood at $43.57 bn in FY23, ‘keen’ to hold at least one meeting reviewing 2009 trade pact.
Current account deficit stood at $1.3 billion in 4th quarter of fiscal year 2022-23, compared with revised deficit of $16.8 billion in preceding October-December quarter.
Majority of the country's deficit is due to negative balance in merchandise account. India usually runs a surplus in services & remittances, but incurs deficit in trade of merchandise.
RBI data shows that India's CAD was around $23.90 billion in the first quarter of FY-22/23. Following the rising prices of commodities globally, the trade deficit also has been affected.
Sometimes, we end up embroidering the truth as we overthink and overanalyse a fastidious lady’s personal wardrobe preferences for significant occasions.
No nation other than China can negotiate one-on-one with Trump on an equal footing. That’s why the middle powers who so far formed the core of multilateral bodies now feel orphaned.
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