The cumulative exports of merchandise and services for April-May 2025 are
India’s trade figures for May 2025 reveal a mixed performance, with total exports estimated at $71.12 billion, reflecting a growth of 2.77% compared to the same month in 2024. In contrast, total imports are projected at $77.75 billion, showing a decline of 1.02% year-on-year. This data indicates a slight improvement in export performance while imports have decreased, contributing to a trade deficit of $6.62 billion for the month.
Merchandise Trade Overview
In May 2025, India’s merchandise exports are estimated to be $38.73 billion, down from $39.59 billion in May 2024. This decline highlights a challenging environment for goods exported from the country. On the import side, merchandise imports are projected at $60.61 billion, a decrease from $61.68 billion the previous year. The overall merchandise trade deficit for May 2025 stands at $21.88 billion, indicating a continued reliance on imported goods despite the slight decrease in import values.
The figures for April-May 2025 show a total merchandise export of $77.19 billion, up from $74.89 billion in the same period last year. However, imports during this period have also increased to $125.52 billion from $116.16 billion, resulting in a trade deficit of $48.33 billion. This trend suggests that while exports are growing, the increase in imports is outpacing this growth, leading to a widening trade gap.
Services Trade Performance
The services sector has shown a more positive trajectory, with estimated exports for May 2025 reaching $32.39 billion, compared to $29.61 billion in May 2024. This represents a significant growth in the services sector, indicating a robust performance in areas such as IT and business services. On the import side, services imports are estimated at $17.14 billion, up from $16.88 billion the previous year. The services trade surplus for May 2025 is projected at $15.25 billion, reflecting a healthy balance in this sector.
For the April-May 2025 period, services exports are estimated at $65.24 billion, an increase from $59.79 billion in the same timeframe last year. Imports during this period have also risen to $34.05 billion from $33.64 billion, resulting in a services trade surplus of $31.19 billion. This growth in the services sector is crucial for India’s economy, as it helps offset the trade deficit in merchandise.
Trade Excluding Petroleum and Gems
When excluding petroleum and gems, India’s trade figures present a different picture. In May 2025, non-petroleum exports are estimated at $33.09 billion, compared to $31.49 billion in May 2024. Non-petroleum imports are projected at $45.86 billion, up from $41.70 billion the previous year. This results in a trade deficit of $12.77 billion in this category, highlighting the ongoing challenges in balancing trade in essential goods.
For the April-May 2025 period, non-petroleum exports reached $64.25 billion, an increase from $59.75 billion in the same period last year. Non-petroleum imports also rose to $90.06 billion from $79.70 billion, leading to a trade deficit of $25.81 billion. The increase in both exports and imports in this category underscores the importance of diversifying India’s export base while managing import dependencies effectively.
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