The data highlights key trends in trade performance over three fiscal years (2021-22 to 2023-24). The merchandise trade consistently recorded a deficit, indicating higher imports than exports, with the deficit peaking in 2022-23 before narrowing slightly in 2023-24. However, this was partially offset by a growing surplus in invisibles, particularly in services, which saw steady growth each year. Within services, software services remained the dominant contributor, followed by a notable rise in business services. Travel and transportation, initially in deficit, showed improvement, with travel even turning into a small surplus by 2023-24. Meanwhile, insurance and government-not-included-elsewhere (G.n.i.e) services had minimal impact. The lack of data for communication services in the latter years limits further analysis. Overall, the increasing surplus in invisibles, driven by strong service sector performance, is helping balance the trade deficit, underscoring a shift toward a more service-oriented trade structure.

The data shows trade credits (exports) for merchandise and invisibles from 2021-22 to 2023-24. Merchandise credits grew steadily but stagnated in 2023-24. Invisibles, particularly services, saw strong growth, rising from ₹2.76 lakh crore to ₹4.15 lakh crore. Services dominated invisibles, with software services leading (₹9.10 lakh crore to ₹13.28 lakh crore), followed by business services (₹4.40 lakh crore to ₹7.33 lakh crore). Travel credits surged, while transportation declined slightly. Insurance and G.n.i.e. remained marginal. Financial services grew, but communication services dropped sharply, with missing 2023-24 data. Overall, service exports, especially software and business services, drove the expansion in invisibles, compensating for slower merchandise growth. The shift highlights India's strengthening service-driven export economy.

The data reveals India's trade debits (imports) from 2021-22 to 2023-24. Merchandise imports surged in 2022-23 (₹5.79 lakh crore) before a slight dip in 2023-24 (₹5.66 lakh crore). Invisibles debits also rose steadily, driven by services, which grew from ₹10.96 lakh crore to ₹14.76 lakh crore. Travel imports nearly doubled, reflecting increased outbound tourism or business trips. Transportation costs peaked in 2022-23 but fell sharply in 2023-24, possibly due to easing global supply chain pressures. Miscellaneous services, the largest component, saw consistent growth, with software and business services imports expanding significantly. Financial services imports declined slightly, while communication services data was missing for recent years. The rising service imports, alongside high merchandise debits, underscore persistent demand for foreign goods and expertise, despite export growth in services. (126 words)