India’s merchandise trade deficit swells to $137.44 bn in April-September FY25

India added $20.78 billion to its bulging merchandise trade deficit in September 2024, taking the total for the 7-month period (April-September 2024-25) to $137.44 billion.

Merchandise exports from the country during September 2024 stood at $34.58 billion, slightly higher compared to exports valued at $34.41 billion in September 2023.

Merchandise imports during September 2024, on the other hand, stood far higher at $55.36 billion, against imports valued at $54.49 billion in September 2023.

The country thus added $20.78 billion to its merchandise trade deficit in September 2024, taking the total for the 7-month period to $137.44 billion.

During the April-September 2024-25 period, India exported merchandise valued at $213.22 billion, compared to exports valued at $211.08 billion during April-September 2023.

Merchandise imports into the country during April-September 2024-25 shot up to $350.66 billion from $330.32 billion during April-September 2023-24.

India’s merchandise trade deficit during April-September 2024 stood at $137.44 billion, compared to a deficit of $119.24 billion during April-September 2023-24.

Export of non-petroleum and non-gems and jewellery items increased by 9.14 per cent to $27.03 billion in September 2024 from $24.76 billion in September 2023.

India’s merchandise exports in September 2024 were mainly driven by engineering goods, organic and inorganic chemicals, plastic and linoleum, drugs and pharmaceuticals and ready-made garments.

Engineering goods exports increased by 10.55 per cent to $9.82 billion in September 2024, from $8.89 billion in September 2023.

Exports of chemicals increased by 11.21 per cent to $2.36 billion in September 2024, from $2.12 billion in September 2023.

Exports of plastics and linoleum increased by 28.32 per cent to $0.79 billion in September 2024, from $0.62 billion in September 2023.

Exports of drugs and pharmaceuticals increased by 7.22 per cent to $2.57 billion in September 2024, from $2.39 billion in September 2023.

Exports of ready-made garments increased by 17.30 per cent to $1.11 billion in September 2024, from $0.95 billion in September 2023.

Top 5 export destinations in terms of increase in export earnings year-on-year in September 2024 included Brazil (41.98 per cent), Netherlands (38.6 per cent), Japan (36.35 per cent), United Arab Emirates (23.75 per cent) and USA (4.98 per cent).

Top 5 import sources showing year-on-year increase in value in September 2024 included United Arab Emirates (49.22 per cent), China (14.46 per cent), Germany (32.52 per cent), Japan (25.72 per cent) and Taiwan (38.17 per cent) 

Top 5 export destinations showing increase in value year-on-year in April-September 2024 are the Netherlands (36.73 per cent), USA (5.6 per cent), UAE (11.45 per cent), Malaysia (27.91 per cent) and UK (12.4 per cent)

Top 5 import sources showing increase in value year-on-year in April-September 2024 are UAE (52.01 per cent), China (11.52 per cent), Russia (5.73 per cent), Taiwan (39.97 per cent) and Oman (51.52 per cent).