India's Exports Decline in January, Trade Deficit Widens

New Delhi, Feb 17 (PTI) India's exports declined for the third month in a row in January by 2.38 per cent to USD 37.32 billion due to volatility in petroleum prices and global uncertainties.

The trade deficit widened to USD 222.99 billion as imports rose by 10.28 per cent year-on-year to USD 59.42 billion in January, according to the Commerce Ministry data.

Cumulatively, during April-January this fiscal, exports rose by 1.39 per cent to USD 358.91 billion and imports by 7.43 per cent to USD 601.9 billion.

Trade deficit, the difference between imports and exports, during the ten-month period widened to USD 242.99 billion.

While the deficit was USD 21.94 billion in December and USD 16.55 billion in January last year.

Commerce Secretary Sunil Barthwal told reporters that despite economic uncertainties in the world, India's exports are doing better in both goods and services sectors.

He said that sectors like electronics, pharma, rice and gems and jewellery are registering health growth rates during the month under review.

"Despite conflicts, and tariff retaliation around the world, we are doing well," Barthwal said, adding India's goods and services exports would cross USD 800 billion in 2025-25.

It was USD 778 billion in 2023-24.

In January, the country's gold imports rose to USD 2.68 billion from USD 1.9 billion in the same month last year. It was USD 4.7 billion in December 2024.

Crude oil imports fell to USD 13.43 billion from USD 16.56 billion in January 2024. It was USD 15.27 billion in December 2024.