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EXTERNAL SECTOR

Merchandise y-o-y% Merchandise y-o-y% Trade y-o-y% Foreign exchange y-o-y% Gross y-o-y%
exports imports Deficit reserves FDI flows
(US$ billion) (US$ billion) (US$ billion) (US$ billion) (US$ billion)

FY22 422.0 613.0 191.0 617.6 84.8

FY23 451.1 ▲ 6.8 716.0 ▲ 16.8 264.9 ▲ 38.7 578.4 ▼ -6.3 71.4 ▼ -16.3

FY24 437.1 ▼ -3.1 678.2 ▼ -5.3 241.1 ▼ -9.0 645.6 ▲ 11.6 70.9 ▼ -0.6

FY25 437.6 ▲ 0.1 720.2 ▲ 6.2 282.6 ▲ 17.2 668.3 ▲ 3.4

Dec-23 38.4 57.15 18.8 623.2 4.5

Jan-24 37.3 ▼ 4.3 53.88 ▼ 2.0 16.6 ▼ -2.8 616.7 ▼ 6.9 8.0 ▲ 30.0

Feb-24 41.4 ▲ 11.9 60.92 ▲ 13.7 19.5 ▲ 17.8 625.6 ▲ 11.5 5.0 ▼ 5.6

Mar-24 41.7 ▲ -0.6 57.03 ▼ -6.4 15.3 ▼ -19.1 645.6 ▲ 11.6 6.0 ▲ 31.4

Apr-24 35.3 ▼ 2.0 54.49 ▼ 11.1 19.2 ▲ 32.9 637.9 ▼ 8.3 7.3 ▲ 5.1

May-24 39.6 ▲ 13.3 61.63 ▲ 7.2 22.0 ▲ -2.1 651.5 ▲ 9.5 7.9 ▲ 48.7

Jun-24 35.2 ▼ 2.4 55.99 ▼ 4.6 20.8 ▼ 8.6 652.0 ▲ 9.6 7.3 ▼ 37.6

Jul-24 34.7 ▼ 0.6 59.48 ▲ 11.2 24.8 ▲ 30.4 667.0 ▲ 10.5 5.2 ▼ 13.0

Aug-24 34.5 ▼ -9.9 68.51 ▲ 10.0 34.0 ▲ 41.6 683.9 ▲ 14.9 8.6 ▲ 73.4

Sep-24 34.3 ▼ -0.2 58.72 ▼ 7.8 24.4 ▼ 21.5 704.9 ▲ 20.1 6.0 ▼ -2.7

Oct-24 39.0 ▲ 16.6 65.07 ▲ 1.9 26.1 ▲ -14.2 682.1 ▼ 16.4 6.5 ▲ -23.9

Nov-24 32.0 ▼ -5.3 63.93 ▼ 16.1 32.0 ▲ 50.0 658.1 ▼ 8.9 5.4 ▼ 5.6

Dec-24 37.8 ▲ -1.5 58.48 ▼ 2.3 20.7 ▼ 10.2 640.3 ▼ 2.7 6.6 ▲ 47.7

Jan-25 36.4 ▼ -2.5 59.43 ▲ 10.3 23.0 ▲ 39.2 630.6 ▼ 2.2 5.8 ▼ -30.7

Feb-25 36.9 ▲ -10.9 50.96 ▼ -16.3 14.1 ▼ -28.0 638.7 ▲ 2.2 NA

Mar-25 42.0 ▲ 0.7 63.51 ▲ 11.4 21.5 ▲ 40.4 668.3 ▲ 3.4 NA

The movement in arrows denotes the improvement/deterioration vis-à-vis the previous month. NA is not available
Sources: RBI, CMIE, SIAM, TMA, Ministry of Commerce, Airports Authority of India, Ministry of Railways, Indian Ports Association, CSO, Telecom Regulatory Authority of India,
ICEMA, PIB, Petroleum Planning & Analysis Cell, POSOCO, EPFO, Labour Bureau, CGA, Joint Plant Committee, nrega.nic.in
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46 QUARTERLY JOURNAL OF ECONOMICS
APRIL 2025