FX.co ★ India Trade Deficit Widens in March

India reported a trade deficit of $21.54 billion in March 2025, an increase compared to the $15.6 billion shortfall observed in the same period the previous year. Imports climbed by 11.4% year-on-year, reaching $63.51 billion, marking a record high for March. This surge occurred despite the relatively low cost of fuel, a significant component of India's imports. Meanwhile, exports experienced a modest increase of 0.7%, totaling $41.97 billion. This growth was tempered as Asian nations were hastening to boost foreign sales in anticipation of U.S. President Trump's proposed imposition of aggressive reciprocal tariffs.