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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

India’s external position

India’s forex reserves
• India's foreign exchange reserves fell by nearly $2 billion to an almost six-month low of $652.87 billion

as of Dec. 13, according to data from the Reserve Bank of India (RBI).
• The central bank stated that the forex reserves increased by USD 6.4 billion during 2024-25 so far to

USD 652.87 billion on December 13, 2024.
• In the week that ended December 13, the foreign exchange reserves declined by USD 1.988 billion to

USD 652.87 billion.
• The latest RBI data showed that India's foreign currency assets (FCA), the largest component of forex

reserves, stood at USD 562.576 billion.
• According to RBI, India's foreign exchange reserves (Forex) are sufficient to meet the more than 11

months of imports and about 96 per cent of external debt outstanding at end-June 2024.
• The reserves have been declining likely due to RBI intervention aimed at aggressively preventing a

sharp depreciation of the Rupee. A substantial foreign exchange reserve buffer also helps shield
domestic economic activity from global shocks.

India’s foreign trade position

• India’s total exports (Merchandise and Services combined) for November 2024 is estimated at USD
67.79 Billion, registering a growth of 9.59 percent vis-à-vis November 2023.

• Total imports (Merchandise and Services combined) for November 2024 are estimated at USD 87.63
Billion, registering a growth of 27.47 percent vis-à-vis November 2023.

Table 1: Trade during October 2024

November 2024 November 2023

(USD Billion) (USD Billion)

Merchandise Exports 32.11 33.75

Imports 69.95 55.06

Services Exports 35.67 28.11

Imports 17.68 13.68

Overall Trade Exports 67.79 61.85
87.63 68.74
(Merchandise + Services)

Imports

Trade Balance -19.84 -6.89
Source- Ministry of Commerce & Industry

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