India’s trade deficit widens to 10-month-high in August at $29.65 billion
The trade deficit widened to a 10-month high in August as imports increased and damp global demand amid geopolitical challenges led to a drop in exports from a year ago.
India’s trade deficit widened to $222.99 billion as imports rose by 10.28 per cent year-on-year to $59.42 billion in January, according to the Commerce Ministry data.
Total exports declined for the third month in a row in January by 2.38 per cent to $37.32 billion due to volatility in petroleum prices and global uncertainties.
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For April-January 2024-25, India’s total exports is estimated at USD 682.59 Billion registering a positive growth of 7.21 pc while the total imports is estimated at USD 770.06 Billion registering a growth of 8.96 pc.
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The non-petroleum and non-gems & jewellery exports in January were USD 29.87 Billion compared to USD 26.12 Billion last year. While the imports of the commodity for same month were USD 41.20 Billion compared to USD 34.23 Billion January last year.
For the Servce sector, the Commerce Ministry data said the estimated value of services export for January is USD 38.55 Billion while the services imports is USD 18.22 Billion.
While speaking with the media, Commerce Secretary Sunil Barthwal told despite economic uncertainties in the world, India’s exports are doing better in both goods and services sectors.
He said that sectors like electronics, pharma, rice and gems and jewellery are registering health growth rates during the month under review.
“Despite conflicts, and tariff retaliation around the world, we are doing well,” Barthwal said, adding India’s goods and services exports would cross $800 billion in 2025-25.
Notably, in January, the country’s gold imports rose to $2.68 billion from $1.9 billion in the same month last year. It was $4.7 billion in December 2024.
Crude oil imports fell to $13.43 billion from $16.56 billion in January 2024. It was $15.27 billion in December 2024.
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