New Delhi, Apr 15 (PTI) India’s exports turned positive after four months, recording a marginal 0.7 per cent increase to USD 41.97 billion in March, while overall exports of goods and services have crossed an all-time high of USD 820 billion in the last fiscal despite global economic uncertainties.

The trade deficit (difference between imports and exports) during the month under review widened to USD 21.54 billion as against USD 15.33 billion in March 2023 and USD 14.05 billion in February this year.

Cumulatively, during 2024-25 (April-March), the country’s exports moved up by 0.08 per cent to USD 437.42 billion, whereas imports climbed by 6.62 per cent to USD 720.24 billion, leaving a trade deficit of USD 282.82 billion. During 2023-24, the deficit was USD 241.14 billion.

The country’s merchandise exports in March exceeded the performance of the past 11 months. As regards imports, the growth rose to a four-month high of 11.3 per cent year-on-year to USD 63.51 billion in March.

The country’s overall exports of goods and services are estimated to reach a “record” of USD 820.93 billion in 2024-25, an increase of 5.5 per cent over 2023-24 when these outbound shipments stood at USD 778.13 billion.

Services exports are estimated at USD 383.51 billion last fiscal against USD 341.06 billion in 2023-24. The imports stood at USD 194.95 billion in 2024-25 against USD 178.31 billion in 2023-24.

Commenting on the data, Commerce Secretary Sunil Barthwal said despite global challenges like disruption in sea routes due to geopolitical tensions and recession in some countries, the merchandise exports touched the “highest” ever figures in 2024-25. The overall shipments were also “highest” ever, he told reporters here.

The government will be waiting for the final figures of services, “but our internal assessment is that overall exports in 2024-25 will go up by two more billion dollars,” he added.

The major drivers of growth include engineering, electronics, pharma, ready-made garments of all textiles, rice, cotton yarn/fabrics, plastics, coffee, spices, tea and tobacco.

In 2024-25, engineering exports touched a maximum of USD 116.67 billion against USD 109.3 billion in 2023-24. It was followed by electronics (USD 38.38 billion against USD 29.12 billion), pharma (USD 30.47 billion against USD 27.85 billion), ready-made garments of all textiles (USD 15.99 billion against USD 14.53 billion), rice (USD 12.47 billion against USD 10.42 billion), cotton yarn/fabrics (USD 12.06 billion against USD 11.68 billion), plastics (USD 8.92 billion against USD 8.09 billion).

Sectors which recorded negative growth last fiscal include petroleum products (USD 63.34 billion against USD 84.16 billion), gems and jewellery (USD 29.81 billion against USD 32.17 billion), and chemicals (USD 28.7 billion against USD 29.38 billion).

According to the data, gold imports have increased to USD 58.01 billion last fiscal against USD 45.54 billion as the prices of yellow metal touched new highs during the period. In volume terms, the imports dipped to 757.15 tonnes in 2024-25 against 795.32 tonnes in 2023-24.

Other import sectors that recorded positive growth last fiscal include crude oil (USD 185.78 billion against USD 178.73 billion), and electronic goods (USD 98.73 billion against USD 87.86 billion).

Coal, and coke imports, however, dipped to USD 31.09 billion in 2024-25 against USD 38.88 billion in 2023-24.

When asked about export growth projections for 2025-26, the secretary said given the way the US is imposing tariffs, there are both concerns as well as opportunities for India.

The escalating trade tensions between the US and China, whose bilateral trade accounts for about 3 per cent of global trade, could severely damage the global economic outlook, WTO chief Ngozi Okonjo-Iweala has said. PTI RR MR MR