Overall, India’s commodity trade deficit grew to US$282.82 billion in fiscal 25, compared with US$24.14 billion in fiscal 24.
Commerce Minister Sunil Barthwal said: “It was hard to happen in the last fiscal year, so many things happened.
Oil imports in March were $19 billion, the highest since May 2024, when it was $19.95 billion. Global oil prices have softened and uncertainty rose in US trade announcements since January, with export revenues in six out of the 12 months of fiscal 25.
Officials said the Ministry of Commerce is making a proposal to meet the short-term credit needs of e-commerce exporters and to support people with warehouses abroad. They added that the Expenditure Finance Committee’s approval was to promote exports.
India’s goods and services exports are estimated to hit a “record” of USD 820.93 billion in 2024-25, up 5.5% from USD 778.13 billion in fiscal 24.
In fiscal year 25, the United States remained the highest export destination for India, with a total export volume of US$86.51 billion, compared with US$77.52 billion in fiscal year 24.
“The speculation that harms India is that there are growth issues and opportunities for the current tariffs.
Service exports are estimated at $383.51 billion in the previous fiscal year, compared with $34.16 billion in the fiscal year 24. “This reflects the resilience of the export sector in global geopolitical tensions and trade disruptions,” said SC Ralhan, president of the Federation of Indian Export Organizations.
The main drivers of commodity growth include engineering, electronics, pharmaceuticals, ready-made clothing, rice, cotton yarn/fabric, plastics, coffee, spices, tea and tobacco. Non-methyl exports grew 6% in 2024-25, breaking records.
Exports of fruit and vegetables increased by 5.6% despite various sanitary and phytosanitary measures and technical barriers to trade.
Gold imports rose to $58.01 billion, while $45.54 billion.
FTA Talk
Officials said the Ministry of Commerce has developed the ability to handle multiple FTAs simultaneously. “All free trade agreements are important to us. They lead to trade liberalization. Therefore, it is in India’s interest to conduct all FTAs in the same serious way.”
