New Delhi:
India’s Goods trade deficit declined to $ 14.05 billion in February 2025, a minimum level of three years. It was $ 22.99 billion in January 2025. This information was received from the latest data released by the Union Ministry of Commerce and Industry on 17 March. The reason for the reduction in the business deficit is the stable of export in February and the decrease in imports.
Exports increased by 1.3%, imports declined 16.3%
The country’s goods exports in February increased by 1.3 percent to $ 36.91 billion, which was $ 36.43 billion in January. During this period, imports have fallen by 16.3 percent to $ 50.96 billion, which was $ 59.42 billion in January.
Additional Secretary in the Ministry of Commerce and Industry, L Satya Srinivas said, “The trade deficit has come to its lowest level since August 2021 due to a huge decline in imports, stable of export and last February.”
Trade deficit at $ 261.05 billion in 11 months
The trade deficit stood at $ 261.05 billion in 11 months so far of the current financial year. During this period, the commodity exported stable, while imports increased by 5.7 percent compared to the same period last year.
In addition, the export of service sector in February has been $ 35.03 billion, which is 9.1 percent less than in January. The import of services has fallen equally to $ 16.55 billion.
Gold imports so far at $ 53.53 billion
So far, gold worth $ 53.53 billion has been imported in the current financial year. At the same time, crude oil imports have been $ 166.73 billion in the same period.
According to the data released by the government, the main components of goods exports include electronics goods, engineering goods, drugs and forms, rice, gems and jewelery.
India’s smartphone export crosses Rs 1.75 lakh crore
According to India Cellular and Electronics Association, India’s smartphone exports crossed Rs 1.75 lakh crore ($ 21 billion) in 11 months of 2024-25 (April-February), which is 54 percent more than the same period of 2023-24.