Mumbai: The Reserve Bank of India has reported that India’s total exports reached a record $824.9 billion in the financial year 2024-25, marking a 6.01% increase from $778.1 billion in 2023-24. The data, released today by the Reserve Bank of India, highlights services exports as the primary driver, contributing $387.5 billion, up 13.6% from $341.1 billion in the previous year.
Services exports in March 2025 stood at $35.6 billion, reflecting an 18.6% year-on-year growth compared to $30.0 billion in March 2024. The cumulative services exports for 2024-25 set a new high, underscoring India’s strength in sectors such as information technology, business services, and financial services.
Merchandise exports, excluding petroleum products, rose to $374.1 billion, a 6.0% increase from $352.9 billion in 2023-24, marking the highest annual non-petroleum merchandise exports recorded.
The Reserve Bank of India’s data aligns with earlier Commerce Ministry estimates, which projected total exports at $820.93 billion for 2024-25, a 5.5% growth, based on extrapolated services figures. The final Reserve Bank of India figures, incorporating March 2025 services trade data, confirm a slightly higher total, reflecting stronger-than-expected services performance. The growth in non-petroleum merchandise exports was driven by sectors including electronic goods, engineering goods, drugs and pharmaceuticals, and agricultural products like rice and coffee.
The export growth reflects India’s resilience amid global trade challenges, with services exports benefiting from demand in developed markets. The Reserve Bank of India data underscores the increasing share of business services, which accounted for a significant portion of services exports, alongside software exports. The merchandise export growth, particularly in non-petroleum sectors, highlights India’s diversification efforts in global markets.
– global bihari bureau
