New Delhi, March 17 (IANS). 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.
The reason for the reduction in trade deficit is the stable of export in February and the reduction in imports.
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.
Lakya Srinivas, Additional Secretary in the Ministry of Commerce and Industry, 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.”
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 service sector exports in February have been $ 35.03 billion, which is 9.1 percent lower than in January. Import of services has fallen equally to $ 16.55 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 data released by the government, the main components of the goods exports include electronics goods, engineering goods, drugs and forms, rice, gems and jewelery.
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.
-IANS
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