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India’s exports decline for 4th month in a row in Feb to USD 36.91 Billion

India’s exports declined for the fourth month in a row in February to USD 36.91 billion due to volatility in petroleum prices and global uncertainties, data from the Commerce ministry said. The country’s exports stood at USD 41.41 billion in the same month a year ago.

India’s exports decline for 4th month in a row in Feb to USD 36.91 Billion

Photo: iStock (representational image)

India’s exports declined for the fourth month in a row in February to USD 36.91 billion due to volatility in petroleum prices and global uncertainties, data from the Commerce ministry said. The country’s exports stood at USD 41.41 billion in the same month a year ago.

However, as per the ministry data, the trade deficit in February narrowed to USD 14.05 billion as the country’s imports reduced to USD 50.96 billion in February.

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Cumulatively, during the April-February period this fiscal year, merchandise and services exports rose 6.24 per cent to USD 750.53 billion as against USD 706.43 billion in the year-ago period.

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Speaking to the media, Commerce Secretary Sunil Barthwal said that although FY25 has been a difficult year, the country is moving towards achieving USD 800 billion in combined exports of goods and services in the current financial year.

The ministry data further said that the merchandise exports were at USD 36.43 billion in January compared to USD 37.32 billion a year ago.

In December, it stood at USD 38.01 billion against USD 38.39 billion in December 2023, while such outward shipments declined to USD 32.11 billion in November 2024 from USD 33.75 billion in the year-ago month.

On the services front, exports rose significantly to USD 35.03 billion in February 2025, up from USD 28.33 billion in February 2024. Imports also saw an increase, reaching USD 16.55 billion compared to USD 15.23 billion in the previous year.

Combining both merchandise and services, the total imports stood at USD 67.52 billion in February 2025, reflecting a notable decline from USD 76.15 billion in February 2024.

The non-petroleum export segment witnessed an impressive 14.47 per cent growth in January 2025, highlighting strong performance in non-oil sectors.

Among key contributors, rice exports surged by 44.61 per cent while gems and jewellery exports saw a revival, registering a 15.9 per cent growth in January 2025.

Earlier this month, the United Nations Conference on Trade and Development (UNCTAD), in its Global Trade Update, said that potential shifts in United States (US) trade policy to a more protectionist stance, inward-looking industrial policies in many countries, the threat of renewed and expanded trade wars, along with ongoing geopolitical tensions, are set to negatively influence international trade in 2025.

The World Trade Organization (WTO) had also revised downwards its projection for world merchandise trade growth to 3 per cent in 2025, from its earlier estimate of 3.3 per cent.

It was also noted that in case of an escalation of the conflict in West Asia, the effects would also be felt in other regions, including through further disruptions to shipping and rising energy prices due to higher risk premiums.

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