India's merchandise exports declined 2.4% to US$ 36.43 billion in January 2025 over a year ago. Meanwhile, merchandise imports gained 10.3% to US$ 59.42 billion. The trade deficit moved up 38.9% to US$ 23.00 billion in January 2025 from US$ 16.55 billion in January 2024.
Oil imports dipped 13.5% to US$ 13.43 billion, while the non-oil imports increased 19.9% to US$ 45.99 billion in January 2025 over January 2024. The share of oil imports in total imports was 22.6% in January 2025, compared with 28.8% in January 2024. The price of Brent crude oil declined 1.0% to US$ 78.25 per barrel in January 2025 over January 2024.
Among the non-oil imports, the major contributors to the overall rise in imports were electronic goods imports rising 17.8% to US$ 9.36 billion, followed by machinery, electrical & non-electrical 27.8% to US$ 4.73 billion, gold 40.8% to US$ 2.69 billion, organic & inorganic chemicals 36.9% to US$ 2.54 billion, chemical material & products 71.9% to US$ 1.35 billion, metaliferrous ores & other minerals 65.5% to US$ 1.25 billion and pulses 144.6% to US$ 0.76 billion.
Further, imports of silver also increased 82.8% to US$ 0.88 billion, non-ferrous metals 26.0% to US$ 1.94 billion, fertilisers, crude & manufactured 72.9% to US$ 0.84 billion, iron & steel 6.9% to US$ 2.20 billion, vegetable oil 11.4% to US$ 1.38 billion, medicinal & pharmaceutical products 16.1% to US$ 0.79 billion, artificial resins, plastic materials, etc. 5.9% to US$ 1.72 billion and transport equipment 1.6% to US$ 2.68 billion.
However, the imports of coal, coke & briquettes, etc. declined 15.2% to US$ 2.69 billion and pearls, precious & semi-precious stones 29.1% to US$ 1.23 billion in January 2025.
On exports front, the exports of petroleum products declined 58.7% to US$ 3.56 billion, followed by organic & inorganic chemicals 1.9% to US$ 2.35 billion, and iron ore 72.1% to US$ 0.16 billion.
However, exports for electronic goods galloped 79.0% to US$ 4.11 billion, engineering goods 7.4% to US$ 9.42 billion, drugs & pharmaceuticals 21.5% to US$ 2.59 billion, rice 44.6% to US$ 1.37 billion, gems & jewellery 15.9% to US$ 3.00 billion, rmg of all textiles 11.5% to US$ 1.61 billion, cotton yarn/fabrics/made-ups, handloom products etc. 16.4% to US$ 1.04 billion, meat, dairy & poultry products 35.7% to US$ 0.52 billion and mica, coal & other ores, minerals including processed minerals 27.7% to US$ 0.47 billion.
Further, the exports of plastic & linoleum increased 13.3% to US$ 0.73 billion, tobacco 59.2% to US$ 0.17 billion, man-made yarn/fabrics/made-ups etc. 12.1% to US$ 0.43 billion, marine products 8.0% to US$ 0.54 billion, ceramic products & glassware 10.4% to US$ 0.33 billion, cereal preparations & miscellaneous processed items 11.1% to US$ 0.26 billion, and leather & leather products 6.4% to US$ 0.38 billion in January 2025.
Merchandise exports in Rupees increased 1.3% to Rs 314229 crore, while imports moved up 14.5% to Rs 512618 crore in January 2025 over January 2024. The trade deficit galloped to Rs 198389 crore in January 2025 compared with Rs 137588 crore in January 2024.
India's merchandise exports increased 1.4% to US$ 358.91 billion, while merchandise imports gained 7.4% to US$ 601.90 billion in April-January 2025. The rise in imports was driven by a 6.4% spurt in oil imports to US$ 154.84 billion. India's merchandise trade deficit galloped to US$ 242.99 billion in April-January 2025 from US$ 206.29 billion in April-January 2024.