_*The Deficit Headline (goods + services)*_ FY 2024–25 (Apr 2024–Mar 2025): total exports US$820.9 bn vs imports US$915.2 bn net trade → gap ~US$94.3 bn. This “contained” deficit is largely a services story, not a merchandise turnaround. _*Merchandise*_ FY 2024–25 goods exports were US$437.4 bn against imports of US$720.2 bn, leaving a merchandise deficit of US$282.8 bn. The gap is structurally driven by energy, bullion and critical intermediates; exports are improving in engineering, electronics and pharma, but not yet at the scale to offset import-intensity in a high-growth economy. _*Services*_ Implied FY 2024–25 services exports were ~US$383.5 bn and services imports ~US$195.0 bn, producing a surplus near US$188.6 bn—the shock absorber that keeps the overall deficit from tracking the merchandise gap. _*Agriculture & Food*_ Agri exports in FY 2024–25 were about US$51.9 bn (notably rice ~US$12.5 bn and meat/dairy/poultry ~US$5.1 bn). Yet edible oils and some protein/pulse imports remain the “leak” that prevents agriculture from becoming a stronger net FX earner at scale. _*India–US Trade (merchandise)*_ FY 2024–25 India–US goods trade was about US$132.2 bn: exports to the US ~US$86.5 bn, imports ~US$45.7 bn, surplus ~US$40.8 bn. In FY 2025–26 H1, exports to the US were ~US$25.5 bn (Apr– Jun 2025) and ~US$20.3 bn (Jul–Sep 2025), showing quarter-to-quarter cooling even as the US stayed the top destination.
_*FY 2025–26: first three quarters (Apr–Dec 2025)*_ Merchandise: exports US$330.3 bn, imports US$578.6 bn, deficit US$248.3 bn. Services: exports US$304.0 bn, imports US$152.2 bn, surplus US$151.7 bn. Total: exports US$634.3 bn vs imports US$730.8 bn net deficit ~US$96.6 bn already in nine months. Put differently: in nine months, → India has already “used up” a net deficit similar to the full FY 2024–25 number—highlighting how quickly the goods gap can widen when oil/gold and investment imports stay firm. These are provisional and routinely revised (especially services imports and late customs entries), so obsess over direction more than the last decimal.