India’s trade deficit hits $22.99 billion in January; Trade Secretary says exports strong 

India’s trade deficit, or the gap between imports and exports, for January 2025 stood at $22.99 billion from Decembers $21.94 billion over rising import bill due to a rapidly falling currency. 

The trade deficit marked a 24.85 percent increase on a year-on-year (YoY) basis. The cumulative trade deficit from April 2024 to January 2025 reached $87.47 billion, up from $70.06 billion during the same period in the previous year. 

Merchandise exports in January stood at $36.43 billion compared with $38.01 billion in December, while imports for the month were $59.42 billion. In December, imports were at $59.95 billion. 

Services exports in January were estimated at $38.55 billion and imports at $18.22 billion against $32.66 billion and $17.50 billion, respectively, in December. 

During April-January period this fiscal, exports increased by 1.39 percent to $358.91 billion and imports by 7.43 percent to $601.9 billion. 

As of January 15, India’s exports witnessed a 6.03 percent growth during April-December 2024, reaching an estimated $602.64 billion, compared to $568.36 billion in the same period of 2023. 

Commerce Secretary Sunil Barthwal highlighted the robust export performance during April 2024 to January 2025. “Our exports during April-Jan has seen a growth of 7.21 percent. During April-Jan we have witnessed $46 billion increase from the last year same period. During the same period our merchandise exports earned $5 billion,” he said. 

Among key sectors, rice exports saw an impressive jump of 44.61 percent, reinforcing India’s dominance in global rice trade. Additionally, gems and jewellery exports witnessed a revival, growing by 15.9 percent in January, marking a significant recovery in the segment. 

Despite ongoing geopolitical conflicts and tariff challenges, India's exports have remained resilient, reflecting the strength of the country's trade policies and global market demand. 

As part of the Union Budget 2025, the government has emphasised exports as one of the four key engines of growth. The newly launched Export Promotion Mission will focus on boosting exports with a range of schemes aimed at new exporters, untapped markets, and innovative products. Furthermore, the Mission aims to address the significant non-tariff barriers that MSMEs face, which have often hindered their ability to compete globally.