India’s trade deficit widens to $8.65 billion in April, services to the rescue again

India's trade deficit widens in April 2025, with merchandise exports growing but imports growing faster.

India’s total trade deficit, counting both merchandise and services, widened to $8.65 billion in April, compared to $5.77 billion in April last year, according to the latest data from the Ministry of Commerce and Industry.

While briefing the media, Commerce Secretary Sunil Barthwal also mentioned that India’s total exports, including merchandise and services, stood at $824.9 billion in 2024-25, the highest-ever, up 6% from 2023-24.

Merchandise exports grew 9% to $38.49 billion in April 2025, while the imports of goods grew at a significantly faster 19.1% to $64.91 billion, as compared to the same month of last year.

The merchandise trade deficit, therefore, widened to $26.4 billion in April this year, as compared to $19.19 billion last year.

The services sector, however, witnessed the opposite trend, with exports widening their lead over imports. Services exports for April, an estimation because the final data from the Reserve Bank of India arrives with a month’s lag, grew 17% in April 2025 to $35.31 billion.

Services imports, on the other hand, grew just 4.6% to $17.54 billion in April, taking the services trade surplus to $17.77 billion.

Exports of tobacco (66.43%), coffee (47.85%), electronic goods (39.51%), mica, coal and other ores and minerals (34.43%), fruits and vegetables (30.72%), marine products (17.81%), and tea (15.93%), saw the highest growth in April 2025.