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India’s Trade Balance Improves In June As Services Surplus Offsets Merchandise Deficit

Updated: July 15, 2025 14:30

Image Source : HDFC Sky
India’s external trade dynamics showed signs of resilience in June 2025, with a narrowing merchandise trade deficit and a robust services surplus helping cushion the overall balance. The latest figures reflect a betterthanexpected performance amid global headwinds and ongoing trade negotiations.
 
Key Highlights From June Trade Data
  • Merchandise exports stood at USD 35.14 billion, up 2.4 percent yearonyear  
  • Imports totaled USD 53.92 billion, resulting in a merchandise trade deficit of USD 18.78 billion  
  • The deficit came in lower than the Reuters poll estimate of USD 22.24 billion  
  • Services exports reached USD 30.27 billion, while imports were USD 15.01 billion  
  • This led to a services trade surplus of USD 15.26 billion, offsetting part of the goods deficit  
Strategic Context And Policy Outlook
  • RBI Governor Sanjay Malhotra reiterated that the Monetary Policy Committee will consider both current inflation data and forwardlooking indicators when deciding on interest rates  
  • He also expressed optimism about securing a favorable trade deal, which could further support export competitiveness and capital flows  
  • The Commerce Ministry attributed the export growth to strong performance in engineering goods, pharmaceuticals, and electronics  
  • Imports remained elevated due to energy and gold purchases, though moderated from May levels  
Market Implications
The narrowing trade gap and strong services surplus are expected to ease pressure on the current account and support the rupee. Analysts anticipate continued policy support for exportled sectors and a cautious monetary stance ahead of the August MPC meeting.
 
Sources: Reuters, CNBC TV18, Ministry of Commerce, Economic Times, Hindustan Times.

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