India’s merchandise trade deficit surged to $21.84 billion in March 2025, a steep rise from $14.05 billion in February and $15.33 billion in the same month last year. This was driven by faster growth in imports relative to exports, marking a significant reversal from the recent trend of easing deficits.Merchandise imports grew 11.4% year-on-year to $63.51 billion in March, reflecting robust demand for foreign goods. In contrast, merchandise exports rose only marginally—by 0.7% year-on-year—to $41.97 billion. This was, however, the first instance of positive export growth in five months and the highest monthly export figure in absolute terms in nearly 33 months.
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