New Delhi, April 15 (IANS) India's total exports of goods and services increased by 5.5 per cent to a record $820.93 billion during the financial year ended March 31, 2025, compared to $773 billion in the previous fiscal year, despite the uncertainties in the global market, according to Commerce Secretary Sunil Barthwal.

Merchandise exports have touched $437.4 billion, with non-petroleum exports rising 6 per cent year-on-year at $374.08 billion in FY25.

India’s trade deficit expanded to $21.54 billion in March, from $14.05 billion in February, according to data compiled by the Ministry of Commerce and Industry.

Merchandise exports went up marginally by 0.7 per cent to $41.97 billion during the month. However, merchandise imports shot by a double-digit 11.3 per cent to $63.51 billion, leading to a wider trade deficit.

As compared to the previous month, exports clocked a 13.75 per cent increase while imports went up by 24.6 per cent.

The figures come amid the chaos in global markets triggered by the hike in US tariffs. India is in talks with the US for a bilateral trade agreement while the US has agreed to pause the duty hike for a period of 90 days.

The first phase of the bilateral trade agreement between India and the US is likely to be concluded within the tariff-pause period of 90 days fixed by the Donald Trump administration, according to official sources.

The terms of reference for the agreement have been finalised and further negotiations are scheduled to take place primarily through video conferencing, although if required Indian negotiators may visit Washington or US officials can come to Delhi, senior officials said.

At the same time, a close watch is being kept to ensure that other countries do not route their exports through India to circumvent the higher tariffs imposed on them. Similarly, the Central Board of Indirect Taxes and Customs (CBIC) has also been alerted to ensure that Indian exporters do not use other countries as a conduit for re-routing.

The officials said that India has been a trusted partner to the US, and such manoeuvres could negatively impact its image.

Meanwhile, Commerce Minister Piyush Goyal told journalists last week that "very good negotiations" with the US were underway.

He said that India presents a compelling case to the United States for a bilateral trade deal, given the outlook on growth and demography.

"Looking at the growth, India offers in the next 25-30 years with a large, aspirational, young population who will add to the demand for goods and services, we believe India will be a compelling case to enter into a good agreement with the US," Goyal said at a press conference.