India’s merchandise trade deficit widened sharply to $21.54 billion in March, reversing the relief seen in February when it had narrowed to a three-year low of $14.05 billion.

The spike came as imports surged to $64.51 billion from $50.96 billion in February, outpacing the rise in exports, which increased to $41.97 billion from $36.91 billion.

For the full financial year 2024-25, merchandise exports remained largely flat at $437.42 billion. However, non-petroleum exports reached a record high of $374 billion, growing 6% over the previous year. The Commerce Ministry also estimates overall exports for FY25 to be $820 billion, which could be the highest ever.

On the import front, all major categories saw growth except coal and briquettes. Key increases were seen in petroleum products at $185.78 billion, electronics at $98.73 billion, gold at $58.01 billion, and machinery at $53.55 billion.

Meanwhile, strong export growth was recorded in electronics, garments, tea, plastics, pharmaceuticals, engineering goods, and key agricultural items like coffee, rice, and tobacco.

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