Daijiworld Media Network – New Delhi
New Delhi, Apr 15: India’s total exports of goods and services soared to an all-time high of $820.93 billion in the financial year ending March 31 a 5.5 per cent rise over the $773 billion recorded in the previous fiscal, Commerce Secretary Sunil Barthwal announced on Tuesday. The achievement comes despite global uncertainties driven by tariff hikes and geopolitical tensions.
Merchandise exports reached $437.4 billion, with non-petroleum exports showing a healthy 6 per cent year-on-year growth at $374.08 billion. However, a widening trade gap remains a concern. India’s trade deficit in March surged to $21.54 billion, up from $14.05 billion in February, as merchandise imports climbed 11.3 per cent to $63.51 billion, outpacing the 0.7 per cent growth in exports which stood at $41.97 billion.
The monthly rise was sharper in comparison exports grew 13.75 per cent over February, while imports surged by 24.6 per cent.
Amid the global trade flux triggered by the recent US tariff hikes, India is engaged in advanced-level discussions with Washington to clinch a bilateral trade agreement. Sources indicate that the first phase of the deal is expected to be finalised within the 90-day duty-hike pause period declared by the Donald Trump administration.
Commerce Minister Piyush Goyal, addressing the media last week, described the ongoing talks as “very good” and reiterated that India makes a strong case for a long-term trade agreement with the US.
"India, with its robust economic outlook and young, aspirational population, is poised to become a major consumer base for global goods and services in the next 25-30 years. This makes us a compelling partner for the US," said Goyal.
Meanwhile, the Centre is maintaining strict vigilance to prevent misuse of India as a re-routing hub for exports from other countries trying to bypass US tariffs. The Central Board of Indirect Taxes and Customs (CBIC) has been instructed to monitor such activity closely, ensuring that Indian exporters also refrain from similar practices.
Officials reiterated that India’s credibility as a trusted trade partner must remain intact as it seeks deeper integration into the global supply chain.