In February, India's trade deficit significantly decreases—Risks of US tariffs are still a concern.

Merchandise exports increased slightly from $36.43 billion in January to $36.91 billion in February. Nonetheless, imports helped to lower the deficit by dropping sharply to $50.96 billion from $59.42 billion the month before. Gold imports were $2.3 billion, and petroleum imports were $11.8 billion. In terms of services, imports fell to $16.55 billion from $18.22 billion in January, while exports fell to $35.03 billion in February from $38.55 billion in January. The export of non-petroleum goods has increased by 6.43% so far this fiscal year. However, overall merchandise exports increased by a meager 0.06% year over year between April 2024 and February 2025, while imports increased by 5.71%. As a result, the period's cumulative trade deficit is 16.86% greater than it was the year before.