India’s $1 trillion export target will be met the way every trading nation has done it: by importing more from whoever sells the cheapest, and worrying only about the aggregate deficit.
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.
India’s $1 trillion export target will be met the way every trading nation has done it: by importing more from whoever sells the cheapest, and worrying only about the aggregate deficit.
The crude oil output and exports are recovering after the Strait of Hormuz reopened, but renewed conflict poses a fresh risk, says International Energy Agency.
Ottawa has handed over execution functions of critical defence projects to a CEO-led organisation for reducing procurement timelines and making it solely accountable for outcomes.
Diljit Dosanjh-starrer Satluj doesn’t blame any political party or individual politicians. We only know the demographic in Punjab it’s bound to trigger the most.
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