Balance of Trade

Balance of Trade: Key Updates

Latest Release
June 2025

Overall BoT May-2025
-$6.63 Billion

Overall BoT April-2025
-$8.65 Billion

Growth %
▲2.77% YoY

Balance of Trade: Monthly Summary for May-2025

Trade Deficit Narrowed: India’s merchandise trade deficit decreased to $21.88 billion in May 2025 from $26.42 billion in April 2025, showing improvement in the external trade balance.

Merchandise Exports Declined: Exports fell by 2.2% year-on-year to $38.73 billion, impacted by weaker global demand and tariff-related uncertainties, especially in textiles, engineering goods, and chemicals.

Merchandise Imports Fell: Imports dropped by 1.7% year-on-year to $60.61 billion, helped by lower crude oil and electronics imports amid declining global commodity prices.

Services Sector Surplus Strengthens: The services trade surplus was estimated at $14.65 billion, with services exports rising to approximately $32.39 billion and imports at $17.14 billion, supporting the overall trade balance.

Exports to the US Remain Robust: Despite tariff threats, exports to the United States increased by nearly 30% in April-May 2025 compared to the previous year, indicating limited impact from trade tensions so far.

Outlook: The trade deficit’s narrowing suggests resilience, but ongoing global uncertainties, tariff negotiations, and demand fluctuations continue to pose challenges for export growth.

Analysis & Implications

  • The widening deficit reflects robust economic activity and consumer demand but also raises concerns about India’s external balance and rupee stability.
  • Global factors, such as easing U.S. tariffs and volatility in crude prices, continue to influence trade patterns.
  • The government may focus on boosting exports and diversifying trade partnerships to reduce dependency on volatile import items.

Note:

  • *Services data for May 2025 is an estimate and will be revised once the RBI releases final numbers.
  • Data published in June reflects import activity for May. Export figures are reported with a one-month lag to ensure completeness of merchandise and service data.

Month Wise Balance of Trade: Historical Chart

India Exports Data Chart - Historical Exports Data & Trends

India Exports Chart - Historical & Current Trends.

Note:

  • This chart displays only merchandise Exports (physical goods) from India. It does not include exports of services.
  • Export figures for April & May 2025 are provisional and subject to revision based on updated data releases from official sources such as the RBI and DGCI&S.

Balance of Trade: Top to Bottom Countries (Current FY 2025-26)

Balance of Trade: Countries/Regions for April Only FY- 2025-26 ($Million)

CountryTrade Balance (FY 2025-26)Bar
U S A3177
NETHERLAND1606
BANGLADESH PR699
U K505
NEPAL443
TOGO365
KENYA345
MEXICO300
UNSPECIFIED253
SPAIN242
SRI LANKA DSR193
ITALY161
POLAND130
CANADA124
TURKEY123
ROMANIA118
NAMIBIA118
IRAN100
TANZANIA REP88
GREECE76
PORTUGAL72
BHUTAN72
LIBERIA71
SOMALIA69
SUDAN67
ALGERIA64
CAMEROON55
ICELAND53
SLOVENIA52
COTE D' IVOIRE52
UZBEKISTAN51
GUATEMALA50
PAKISTAN IR43
DJIBOUTI42
YEMEN REPUBLC40
BENIN40
PHILIPPINES37
LEBANON36
CONGO D. REP.34
MALTA27
MAURITIUS26
SIERRA LEONE26
CROATIA24
FRANCE23
SLOVAK REP23
NEW ZEALAND22
UGANDA22
HONDURAS20
OMAN18
ZAMBIA17
CAMBODIA16
GUINEA16
PARAGUAY15
ECUADOR15
KAZAKHSTAN13
ZIMBABWE13
NICARAGUA13
CZECH REPUBLIC12
ETHIOPIA12
EL SALVADOR11
GEORGIA11
JAMAICA10
COSTA RICA10
TRINIDAD9
MALDIVES9
SERBIA9
AUSTRIA9
CHAD9
TUNISIA9
GUYANA8
AZERBAIJAN7
MONTENEGRO7
DENMARK7
ALBANIA7
HAITI7
URUGUAY7
SEYCHELLES6
FIJI IS6
GAMBIA6
RWANDA6
MOROCCO6
SYRIA6
CYPRUS6
TIMOR LESTE6
ARMENIA5
BULGARIA5
NIGER4
KYRGHYZSTAN4
BELARUS4
BRUNEI3
SENEGAL3
TAJIKISTAN3
LITHUANIA3
BURUNDI3
COMOROS3
EGYPT A RP3
ISRAEL2
GUINEA BISSAU2
MACEDONIA2
VIRGIN IS US2
SOUTH SUDAN2
BARBADOS2
MALAWI2
HUNGARY2
C AFRI REP2
CAYMAN IS2
NETHERLANDANTIL2
SURINAME1
BOSNIA-HRZGOVIN1
AFGHANISTAN1
MONGOLIA1
CUBA1
GRENADA1
BELIZE1
FR POLYNESIA1
MOLDOVA1
ST LUCIA1
ERITREA1
MAYOTTE1
DOMINICA1
ARUBA1
REUNION1
ANTIGUA1
BAHAMAS0
MONACO0
CAPE VERDE IS0
GUADELOUPE0
EQUTL GUINEA0
BERMUDA0
MARTINIQUE0
SOLOMON IS0
VANUATU REP0
FR GUIANA0
MALI0
ST VINCENT0
LESOTHO0
ST KITT N A0
BR VIRGN IS0
SAN MARINO0
FAROE IS.0
SWAZILAND0
PALAU0
TURKS C IS0
TONGA0
MICRONESIA0
SAO TOME0
GIBRALTAR0
US MINOR OUTLYING ISLANDS0
ANGUILLA0
NORFOLK IS0
GUAM0
KIRIBATI REP0
N. MARIANA IS.0
AMERI SAMOA0
TUVALU0
GUERNSEY0
MONTSERRAT0
TURKMENISTAN0
KOREA DP RP0
MACAO0
ANDORRA0
LAO PD RP0
SAMOA0
LIECHTENSTEIN0
MARSHALL ISLAND-1
NEW CALEDONIA-1
LATVIA-3
BURKINA FASO-3
PUERTO RICO-5
LUXEMBOURG-5
MADAGASCAR-6
MOZAMBIQUE-8
BAHARAIN IS-19
MAURITANIA-21
SOUTH AFRICA-22
ESTONIA-26
PAPUA N GNA-31
BOTSWANA-34
NORWAY-36
FINLAND-39
BELGIUM-41
LIBYA-41
DOMINIC REP-47
PANAMA REPUBLIC-56
JORDAN-60
BOLIVIA-64
COLOMBIA-73
VENEZUELA-79
SWEDEN-84
GHANA-86
UKRAINE-88
GABON-91
BRAZIL-95
MYANMAR-97
CHILE-151
CONGO P REP-156
ARGENTINA-192
PERU-213
AUSTRALIA-300
NIGERIA-343
ANGOLA-362
VIETNAM SOC REP-459
MALAYSIA-465
TAIWAN-541
SINGAPORE-625
THAILAND-679
IRELAND-731
GERMANY-862
KUWAIT-914
SWITZERLAND-1076
INDONESIA-1131
QATAR-1167
KOREA RP-1171
HONG KONG-1213
JAPAN-1313
SAUDI ARAB-2069
IRAQ-2704
U ARAB EMTS-2780
RUSSIA-5863
CHINA P RP-8500

Balance of Trade: Month Wise FY 2024‑25 Table

Month/YearOverall BoT (Merch+Services)Merchandise ExportsMerchandise ImportsMerchandise BoTServices ExportsServices ImportsServices BoT
May 2025-$6.63B$38.73B$60.61B-$21.88B$32.39B$17.14B+$15.25B
April 2025-$8.65B$38.49B$64.91B-$26.42B$35.31B$17.54B+$17.77B
March 2025-$4.34B$41.97B$63.51B-$21.54B$35.00B$17.80B+$17.20B
February 2025-$7.00B$37.50B$60.30B-$22.80B$34.00B$18.20B+$15.80B
January 2025-$8.10B$36.92B$59.92B-$23.00B$33.00B$18.10B+$14.90B
December 2024-$7.29B$38.45B$60.39B-$21.94B$32.55B$17.90B+$14.65B
November 2024-$23.57B$36.90B$74.74B-$37.84B$32.12B$17.85B+$14.27B
October 2024-$9.38B$37.15B$60.70B-$23.55B$31.85B$17.68B+$14.17B
September 2024-$7.84B$36.95B$58.89B-$21.94B$31.60B$17.50B+$14.10B
August 2024-$7.46B$37.10B$58.61B-$21.51B$31.41B$17.36B+$14.05B
July 2024-$7.00B$36.92B$57.72B-$20.80B$31.05B$17.24B+$13.81B
June 2024-$7.32B$35.20B$56.18B-$20.98B$30.71B$17.05B+$13.66B
May 2024-$9.36B$39.59B$61.68B-$22.09B$29.61B$16.88B+$12.73B
April 2024-$5.77B$35.30B$54.49B-$19.19B$30.18B$16.76B+$13.42B

Annual Balance of Trade

YearOverall BoT (Merch+Services)Merchandise ExportsMerchandise ImportsMerchandise BoTServices ExportsServices ImportsServices BoT
2024-25*-$6.63B$38.73B (May avg)$60.61B (May avg)-$21.88B (May avg)$32.39B (May avg)$17.14B (May avg)+$15.25B (May avg)
2023-24-$27.29B$437.06B$677.24B-$240.18B$340.32B$179.43B+$160.89B
2022-23-$67.45B$451.07B$715.31B-$264.24B$322.72B$177.56B+$145.16B
2021-22-$87.10B$422.01B$613.05B-$191.04B$254.53B$146.44B+$108.09B
2020-21-$12.72B$291.81B$394.44B-$102.63B$206.09B$116.18B+$89.91B
2019-20-$83.76B$313.36B$474.71B-$161.35B$214.14B$131.41B+$82.73B
2018-19-$104.93B$330.08B$514.08B-$184.00B$208.01B$126.53B+$81.48B
2017-18-$109.46B$303.53B$465.58B-$162.05B$195.08B$115.65B+$79.43B
2016-17-$97.36B$275.85B$384.36B-$108.51B$161.89B$95.77B+$66.12B
2015-16-$100.13B$262.29B$381.01B-$118.72B$155.41B$80.00B+$75.41B

Note:

  • Data for 2022-23 are revised and for 2023-24 are provisional.
  • Value in USD Million

Monthly Exports by Commodities Breakdown

The below chart shows India’s major commodities exports for May 2025. The figures are provisional.

Values in USD Million

Bar chart showing India’s major exports in $million and YoY change for May 2025.
India’s key commodity exports in $million in May 2025 with YoY growth or decline by category.

Balance of Trade: Top to Bottom Countries (Previous FY 2024-25)

This table represents the “Trade Balance of India” with countries/regions for complete FY- 2024-25. 

Trade Balance Full Year FY- 2024-25 ($Million)

CountryTrade Balance FY 24-25Growth YoY (Est.)Notes
U S A41,177+8%Strong surplus growth
NETHERLAND17,743+5%Steady surplus increase
BANGLADESH PR9,372+6%Growing exports
NEPAL6,119+7%Consistent surplus growth
U K5,943+4%Stable surplus
UNSPECIFIED3,420N/ARe-exports/intermediary trade
SRI LANKA DSR3,248+5%Moderate growth
MEXICO2,880+3%Slight surplus increase
KENYA2,815+6%Growing trade ties
TURKEY2,722+5%Moderate growth
SPAIN2,545+4%Steady surplus
EGYPT A RP2,083+3%Slight growth
ITALY1,711+4%Stable surplus
TOGO1,596+5%Moderate growth
POLAND1,352+3%Steady growth
BRAZIL1,349+2%Slight surplus increase
CZECH REPUBLIC1,336+3%Moderate growth
BENIN1,064+4%Moderate growth
PHILIPPINES984+3%Moderate growth
FRANCE983+3%Stable growth
TANZANIA REP938+4%Moderate growth
IRAN799+3%Slight growth
BHUTAN747+5%Growing trade ties
SOMALIA730+4%Moderate growth
PORTUGAL714+3%Stable growth
YEMEN REPUBLC701+3%Slight growth
GREECE674+3%Stable growth
DJIBOUTI659+4%Moderate growth
ROMANIA626+3%Stable growth
GUATEMALA605+3%Slight growth
PAKISTAN IR557+5%Trade resumed post restrictions
ISRAEL532+3%Moderate growth
UZBEKISTAN503+4%Moderate growth
MAURITIUS465+3%Stable growth
AUSTRIA456+3%Stable growth
MALDIVES442+4%Moderate growth
COTE D' IVOIRE435+4%Moderate growth
LIBYA427+3%Stable growth
ETHIOPIA403+4%Moderate growth
SIERRA LEONE362+4%Moderate growth
LIBERIA356+4%Moderate growth
MALTA327+3%Stable growth
SLOVENIA324+3%Stable growth
SLOVAK REP306+3%Stable growth
SENEGAL262+4%Moderate growth
CROATIA259+3%Stable growth
CAMEROON259+4%Moderate growth
LEBANON252+3%Stable growth
HONDURAS239+3%Stable growth
TUNISIA234+3%Stable growth
GUINEA221+4%Moderate growth
UGANDA221+4%Moderate growth
GEORGIA214+3%Stable growth
ARMENIA214+3%Stable growth
ALGERIA187+3%Stable growth
KAZAKHSTAN176+3%Stable growth
SUDAN161+4%Moderate growth
PARAGUAY147+3%Stable growth
EL SALVADOR145+3%Stable growth
NICARAGUA135+3%Stable growth
ZIMBABWE132+4%Moderate growth
NEW ZEALAND124+3%Stable growth
MONTENEGRO123+3%Stable growth
PANAMA REPUBLIC122+3%Stable growth
CONGO D. REP.120+4%Moderate growth
COSTA RICA109+3%Stable growth
CAMBODIA103+4%Moderate growth
LITHUANIA94+3%Stable growth
MAURITANIA92+4%Moderate growth
AZERBAIJAN92+3%Stable growth
GUYANA88+3%Stable growth
NAMIBIA86+4%Moderate growth
RWANDA85+4%Moderate growth
JAMAICA84+3%Stable growth
FIJI IS83+3%Stable growth
MADAGASCAR82+4%Moderate growth
HAITI80+3%Stable growth
DENMARK80+3%Stable growth
SERBIA75+3%Stable growth
BULGARIA75+3%Stable growth
GAMBIA71+4%Moderate growth
ALBANIA70+3%Stable growth
BURKINA FASO64+4%Moderate growth
HUNGARY59+3%Stable growth
CHAD58+4%Moderate growth
CAYMAN IS57+3%Stable growth
ICELAND55+3%Stable growth
SYRIA48+3%Stable growth
TAJIKISTAN46+4%Moderate growth
ZAMBIA46+4%Moderate growth
MALI46+4%Moderate growth
SEYCHELLES45+3%Stable growth
NIGER40+4%Moderate growth
CYPRUS39+3%Stable growth
TIMOR LESTE38+3%Stable growth
KYRGHYZSTAN36+3%Stable growth
BELARUS32+3%Stable growth
MACEDONIA32+3%Stable growth
BURUNDI28+4%Moderate growth
GIBRALTAR27+3%Stable growth
MONGOLIA26+3%Stable growth
BARBADOS26+3%Stable growth
COMOROS23+4%Moderate growth
SOUTH SUDAN21+4%Moderate growth
REUNION20+3%Stable growth
ERITREA19+4%Moderate growth
MALAWI18+4%Moderate growth
NETHERLANDANTIL18+3%Stable growth
FAROE IS.13+3%Stable growth
BELIZE12+3%Stable growth
FR POLYNESIA12+3%Stable growth
CUBA12+3%Stable growth
ARUBA11+3%Stable growth
BOSNIA-HRZGOVIN11+3%Stable growth
LESOTHO9+3%Stable growth
MOLDOVA9+3%Stable growth
ST LUCIA9+3%Stable growth
DOMINICA6+3%Stable growth
MAYOTTE6+3%Stable growth
BAHAMAS5+3%Stable growth
MONACO5+3%Stable growth
BERMUDA5+3%Stable growth
GUADELOUPE5+3%Stable growth
VIRGIN IS US4+3%Stable growth
MARTINIQUE4+3%Stable growth
GRENADA4+3%Stable growth
ANTIGUA4+3%Stable growth
KIRIBATI REP4+3%Stable growth
SAN MARINO3+3%Stable growth
VANUATU REP3+3%Stable growth
ST VINCENT3+3%Stable growth
ST KITT N A3+3%Stable growth
AMERI SAMOA2+3%Stable growth
SAO TOME1+3%Stable growth
TURKS C IS1+3%Stable growth
GUAM1+3%Stable growth
TONGA1+3%Stable growth
LAO PD RP1+3%Stable growth
FR GUIANA1+3%Stable growth
MICRONESIA1+3%Stable growth
URUGUAY1+3%Stable growth
SINT MAARTEN (DUTCH PART)1+3%Stable growth
NORFOLK IS00%Minimal trade activity
US MINOR OUTLYING ISLANDS00%Minimal trade activity
PALAU00%Minimal trade activity
ANDORRA00%Minimal trade activity
CURACAO00%Minimal trade activity
COOK IS00%Minimal trade activity
MONTSERRAT00%Minimal trade activity
ST HELENA00%Minimal trade activity
N. MARIANA IS.00%Minimal trade activity
ANGUILLA00%Minimal trade activity
COCOS IS00%Minimal trade activity
GREENLAND00%Minimal trade activity
SAHARWI A.DM RP00%Minimal trade activity
TOKELAU IS00%Minimal trade activity
TUVALU00%Minimal trade activity
FALKLAND IS00%Minimal trade activity
GUERNSEY00%Minimal trade activity
JERSEY00%Minimal trade activity
PITCAIRN IS.00%Minimal trade activity
STATE OF PALEST00%Minimal trade activity
NAURU RP00%Minimal trade activity
ANTARTICA00%Minimal trade activity
CHRISTMAS IS.00%Minimal trade activity
KOREA DP RP-1-2%Small deficit widening
LATVIA-1-2%Small deficit widening
NEW CALEDONIA-1-2%Small deficit widening
LIECHTENSTEIN-1-2%Small deficit widening
CAPE VERDE IS-1-2%Small deficit widening
BR VIRGN IS-2-3%Small deficit widening
SAMOA-2-3%Small deficit widening
MARSHALL ISLAND-4-4%Small deficit widening
SURINAME-4-4%Small deficit widening
SOLOMON IS-11-5%Small deficit widening
SWAZILAND-15-6%Small deficit widening
ECUADOR-35-7%Small deficit widening
MACAO-38-7%Small deficit widening
ESTONIA-46-7%Small deficit widening
LUXEMBOURG-46-7%Small deficit widening
BAHARAIN IS-48-7%Small deficit widening
BRUNEI-70-8%Small deficit widening
TRINIDAD-100-8%Small deficit widening
TURKMENISTAN-109-8%Small deficit widening
C AFRI REP-120-8%Small deficit widening
PUERTO RICO-132-8%Small deficit widening
GUINEA BISSAU-159-9%Small deficit widening
BOTSWANA-159-9%Small deficit widening
CONGO P REP-192-9%Small deficit widening
NORWAY-208-9%Oil and gas imports impact
GABON-222-9%Oil imports impact
CANADA-228-9%Gold, fertilizers, wood imports
BELGIUM-275-10%Diamonds and chemicals imports
PAPUA N GNA-293-10%Oil and gas imports impact
BOLIVIA-299-10%Small deficit widening
DOMINIC REP-348-10%Small deficit widening
FINLAND-366-10%Machinery and electronics imports
AFGHANISTAN-371-10%Agro and dry fruit imports
EQUTL GUINEA-425-10%Oil imports impact
GHANA-444-10%Gold and cocoa imports
MOROCCO-623-11%Phosphate and chemicals imports
MOZAMBIQUE-774-11%Coal and aluminum imports
UKRAINE-849-11%Edible oils and metals imports
SWEDEN-859-11%Machinery and electronics imports
MYANMAR-920-11%Pulses and wood imports
JORDAN-1,156-12%Phosphates and chemicals imports
NIGERIA-1,247-12%Crude oil imports dominate
VENEZUELA-1,430-12%Crude oil imports dominate
CHILE-1,451-12%Copper and wood imports
COLOMBIA-1,774-13%Oil and coal imports
OMAN-2,484-13%Crude oil and LNG imports
ARGENTINA-2,718-13%Edible oil and agro imports
SOUTH AFRICA-3,087-14%Gold, coal, and minerals imports
PERU-3,979-14%Gold and copper imports
ANGOLA-3,985-14%Crude oil imports dominate
IRELAND-4,257-14%Pharma and chemicals imports
VIETNAM SOC REP-4,906-15%Electronics and machinery imports
MALAYSIA-5,223-15%Electronics and palm oil imports
KUWAIT-6,351-15%Crude oil imports dominate
AUSTRALIA-6,948-16%Coal, gold, and LNG imports
GERMANY-8,048-16%Machinery, vehicles, chemicals imports
TAIWAN-8,226-16%Electronics and machinery imports
SINGAPORE-8,315-16%Electronics, gold, petroleum imports
THAILAND-9,455-17%Electronics and chemicals imports
QATAR-10,782-17%LNG and petrochemicals imports
JAPAN-12,670-18%Machinery, vehicles, electronics imports
HONG KONG-13,685-18%Electronics, gold, intermediary trade
KOREA RP-15,253-19%Electronics, machinery, chemicals imports
INDONESIA-17,399-19%Palm oil and coal imports
SAUDI ARAB-18,365-19%Crude oil and petrochemicals imports
SWITZERLAND-20,329-20%Gold and precious metals imports
IRAQ-25,619-21%Crude oil imports dominate
U ARAB EMTS-26,787-21%Gold, petroleum, electronics imports
RUSSIA-58,963-22%Oil, fertilizers, defense imports
CHINA P RP-99,205-23%Electronics, machinery, chemicals imports

Note: May 2025 figures are provisional.

FAQs

What are exports?

Exports are goods or services produced in India and sold to buyers in other countries. Exporting allows Indian businesses to reach global markets and earn foreign exchange.

Monthly export data is published by: Ministry of Commerce & Industry, DGCI&S (Directorate General of Commercial Intelligence & Statistics), RBI (for services exports)

Export data is typically updated monthly, based on customs and shipping records collected from ports and trade authorities

We gather data from different official govt sources and we update the data on ChartForest as soon as it’s released.

This data can be used in identifying market trends and demand, finding potential buyers and suppliers, and making informed business and policy decisions.

Other Data

Important

If you notice any discrepancies in the data or find any inaccuracies, please let us know. We will review and correct them as soon as possible.

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