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Projex Survey 99www.projectstoday.comJuly 2025Economic Review 5stood at 3.1 percent on a provisional basis, reflecting steady momentum in core sectors on a Year-on-Year basis. FOREIGN TRADEIndia%u2019s total exports (including merchandise and services) for May 2025 is estimated at USD 71.12 billion, registering a growth of 2.77 percent compared to May 2024. Total imports (including merchandise and services) for May 2025 are projected to be USD 77.75 billion, indicating a negative growth of 1.02 percent compared to May 2024.ExportsThe Merchandise exports in May 2025 were USD 38.43 billion, as compared to USD 39.59 billion in May 2024. The estimated value of Services exports for May 2025 was USD 32.39 billion, up from USD 29.61 billion in May 2024.Non-Petroleum exports were USD 33.09 billion in May 2025 compared to USD 31.49 billion in May 2024. Nonpetroleum, Non-Gems & Jewellery (gold, silver & precious metals) exports were USD 30.71 billion in May 2025 compared to USD 28.73 billion in May 2024.The overall exports (Merchandise and Services combined) in April-May 2025 were USD 142.43 billion as against USD 134.69 billion in April-May 2024.ImportsMerchandise imports in May 2025 were valued at USD 60.61 billion, as compared to USD 61.68 billion in May 2024. The Services imports for May 2025 were USD 17.14 billion, up from USD 16.88 billion in May 2024.The overall imports (Merchandise and Services combined) in May 2025 were USD 77.75 billion as against USD 78.55 billion in May 2024. During April-May 2025, the total imports stood at USD 159.57 billion (USD 119.81 billion).Non-Petroleum imports were USD 44.86 billion in May 2025 compared to USD 41.70 billion in May 2024. Similarly, the Non-Petroleum, Non-Gems & Jewellery (gold, silver & precious metals) imports were USD 41.19 billion in May 2025 compared to USD 36.79 billion in May 2024.Trade BalanceThe trade deficit in May 2025 was USD 6.62 billion, compared to USD 9.35 billion in May 2024. The trade deficit in April-May 2024-25 was USD 17.14 billion, while it was USD 15.12 billion during April-May 2023-24.INFLATIONThe annual rate of inflation based on All India Wholesale Price Index (WPI) number is 0.39 percent (provisional) for May 2025 (over May 2024). The positive rate of inflation in May 2025 was primarily due to an increase in prices of Manufacture of Food products, Electricity, other Manufacturing, Chemicals and Chemical products, Nonfood articles, and Transport Equipment, etc. The monthover-month change in WPI for the month of May 2025 stood at -0.06 percent as compared to April 2025.The Index for Primary Articles decreased by 0.05 percent to 184.3 in May 2025 from 184.4 in April 2025. The price of Minerals (-7.16 percent) and non-food articles (-0.63 percent) decreased in May 2025 as compared to April Performance of Eight Core IndustriesGrowth Rates (%)SectorCoalCrude OilNatural GasRefinery ProductsFertilizersSteelCementElectricityOverall IndexWeight10.338.986.8728.032.6717.915.3719.85100.002021-20228.5-2.619.28.90.716.920.88.010.42022-202314.8-1.71.64.811.39.38.78.97.82023-202411.80.66.13.63.712.58.97.17.62024-20255.1-2.2-1.22.82.96.86.35.24.5Apr-May 2024-20258.90.38.02.2-1.29.4-0.212.06.9Apr-May 2025-20263.1-2.2-2.3-1.7-5.15.57.8-2.20.8