India's Q1 trade deficit shrinks amid services export surge
India's trade deficit dropped by 9.4% in the first quarter of FY25, landing at $20.3 billion.
The big push? Services exports jumped nearly 11%, reaching $98.1 billion, while total exports climbed to $210.3 billion—up 6% from last year.
Merchandise exports nudge up
Merchandise exports nudged up 2% to $112.2 billion, and non-petroleum goods did even better with a 6% rise.
Imports also grew by 4.4%, hitting $230.6 billion, but the monthly deficit eased in June compared to May.
India targets $1 trillion export mark for FY26
Commerce Secretary Sunil Barthwal sounded upbeat about breaking last year's export record, sharing that India is chasing a bold $1 trillion export target for FY26.
With support from schemes like Production Linked Incentives, the goal is to boost manufacturing and help Indian businesses shine globally.