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www.projectstoday.comJune 2025Economic Review 7Non-Petroleum exports were USD 31.11 billion in April 2025 compared to USD 28.26 billion in April 2024. Nonpetroleum, Non-Gems & Jewellery (gold, silver & precious metals) exports were USD 28.61 billion in April 2025 compared to USD 26.00 billion in April 2024.The overall exports (Merchandise and Services combined) in April-March 2025 were USD 820.93 billion as against USD 778.13 billion in April-March 2024.ImportsMerchandise imports in April 2025 were valued at USD 64.91 billion, as compared to USD 54.49 billion in April 2024. The Services imports for April 2025 were USD 17.54 billion, up from USD 16.76 billion in April 2024.The overall imports (Merchandise and Services combined) in April 2025 were USD 82.45 billion as against USD 71.25 billion in April 2024. During April-March 2025, the total imports stood at USD 915.19 billion (USD 856.52 billion).Non-Petroleum imports were USD 44.20 billion in April 2025 compared to USD 37.99 billion in April 2024. Similarly, the Non-Petroleum, Non-Gems & Jewellery (gold, silver & precious metals) imports were USD 39.27 billion in April 2025 compared to USD 33.26 billion in April 2024.TRADE BALANCEThe trade deficit in April 2025 was USD 8.65 billion, compared to USD 5.77 billion in April 2024. The trade deficit in April-March 2024-25 was USD 94.26 billion, while it was USD 78.39 billion during April-March 2023-24.INFLATIONThe annual rate of inflation based on All India Wholesale Price Index (WPI) number is 0.85 percent (provisional) for April 2025 (over April 2024). The positive rate of inflation in April 2025 was primarily due to an increase in prices of Manufacture of Food products, other Manufacturing, Chemicals and Chemical products, Transport Equipment and Machinery and Equipment, etc. The month-overmonth change in WPI for the month of April 2025 stood at -0.19 percent as compared to March 2025.Changes in Major WPI Categories:The Index for Primary Articles decreased by 0.11 percent to 184.4 in April 2025 from 184.6 in March 2025. The price of Crude Petroleum & Natural Gas (-5.31 percent) and non-food articles (-1.78 percent) decreased in April 2025 as compared to March 2025. The price of minerals (7.81 percent) and food articles (0.36 percent) increased in April 2025 as compared to March 2025.The Index for Fuel & Power decreased by 2.82 percent to 148.1 in April 2025 from 152.4 in March 2025. The price of Mineral Oils (-3.95 percent) and Electricity (-1.38 percent) decreased in April 2025 as compared to March 2025. On the other hand, the price of Coal (0.22 percent) increased in April 2025 as compared to March 2025.The Index for Manufactured Products increased by 0.35 percent to 144.9 in April 2025 from 144.4 in March 2025. Out of the 22 NIC two-digit groups for Manufactured products, 16 groups witnessed an increase in prices, 5 groups witnessed a decrease in prices, and 1 group witnessed no change in prices. Some of the important groups that showed a month-over-month increase in prices were Basic Metals; Chemicals and Chemical products; Fabricated Metal products, except Machinery and Equipment and other Manufacturing, etc. Some of the groups that witnessed a decrease in prices were Textiles, Pharmaceuticals, Medicinal chemical and Botanical products, Paper and Paper products, Wearing apparel and Printing and reproduction of recorded media, etc. in April 2025 as compared to March 2025.The Food Index, consisting of %u2018food articles%u2019 from the Primary articles group and %u2018food product%u2019 from the Manufactured products group, increased from 188.8 in March 2025 to 189.3 in April 2025. The annual rate of inflation based on the WPI Food Index decreased from 4.66 percent in March 2025 to 2.55 percent in April 2025.For January 2025, the final Wholesale Price Index and Inflation rate for %u2018All Commodities%u2019 (Base: 2011-12=100) stood at 155.0 and 2.51 percent, respectively.PMI BUSINESS ACTIVITY INDEX Manufacturing IndexBusiness conditions in India%u2019s manufacturing sector continued to improve in May 2025, although the pace of expansion moderated slightly from April 2025. The HSBC India Manufacturing Purchasing Managers%u2019 Index (PMI) declined from 58.2 in April to 57.6 in May, marking the softest improvement since February 2025. However, the headline figure remained well above the neutral level