New Delhi: While the merchandise trade deficit widened to US$ 282.83 billion from US$ 241.14 billion, India’s total exports, encompassing merchandise and services, are estimated to reach US$ 820.93 billion in FY 2024-25 (April-March), reflecting a 5.5% growth compared to US$ 778.13 billion in FY 2023-24.
According to data released by the Ministry of Commerce & Industry today, 16 April 2025. Merchandise exports for the fiscal year totalled US$ 437.42 billion, a marginal increase of 0.08% from US$ 437.07 billion in the previous year, while services exports, estimated at US$ 383.51 billion, grew by 12.45% from US$ 341.06 billion. Imports for FY 2024-25 rose to US$ 915.19 billion, with merchandise imports at US$ 720.24 billion and services imports at US$ 194.95 billion, contributing to a services trade surplus of US$ 188.57 billion.
In March 2025, total exports reached US$ 73.61 billion, up 2.65% from March 2024, with merchandise exports at US$ 41.97 billion, slightly higher than US$ 41.69 billion the previous year, and services exports at US$ 31.64 billion, compared to US$ 30.01 billion. Total imports for March 2025 were US$ 77.23 billion, a 4.9% increase, driven by merchandise imports of US$ 63.51 billion, up from US$ 57.03 billion, while services imports fell to US$ 13.73 billion from US$ 16.60 billion. Non-petroleum and non-gems & jewellery exports in March 2025 grew to US$ 34.17 billion from US$ 33.66 billion, and imports in this category rose to US$ 37.76 billion from US$ 35.85 billion.
Merchandise exports in FY 2024-25 saw growth in non-petroleum exports, which reached US$ 374.08 billion, a 6% increase from US$ 352.92 billion in FY 2023-24. Non-petroleum and non-gems & jewellery exports for the year totalled US$ 344.26 billion, up from US$ 320.21 billion, while imports in this category increased to US$ 453.62 billion from US$ 424.67 billion. Key merchandise export sectors driving growth included coffee, which rose 40.37% to US$ 1.81 billion from US$ 1.29 billion, tobacco, up 36.53% to US$ 1.98 billion from US$ 1.45 billion, and electronic goods, which climbed 32.47% to US$ 38.58 billion from US$ 29.12 billion. Rice exports grew 19.73% to US$ 12.47 billion, jute manufacturing, including floor covering, increased 13.35% to US$ 0.38 billion, and meat, dairy, and poultry products rose 12.57% to US$ 5.1 billion. Tea exports reached US$ 0.92 billion, up 11.84%, carpets grew 10.46% to US$ 1.54 billion, and plastic and linoleum exports increased 10.23% to US$ 8.92 billion. Ready-made garments of all textiles rose 10.03% to US$ 15.99 billion, drugs and pharmaceuticals grew 9.39% to US$ 30.47 billion, and engineering goods increased 6.74% to US$ 116.67 billion. Cereal preparations and miscellaneous processed items rose 8.71% to US$ 3.1 billion, mica, coal, and other ores, including processed minerals, grew 6.95% to US$ 5.01 billion, and fruits and vegetables increased 5.67% to US$ 3.87 billion.
For March 2025, exports of coffee grew 39.2%, drugs and pharmaceuticals 31.21%, electronic goods 29.57%, marine products 28.56%, and jute manufacturing, including floor covering, 21.67%. Meat, dairy, and poultry products rose 16.62%, tobacco 13.95%, tea 11.25%, gems and jewellery 10.62%, and fruits and vegetables 8.57%. Rice exports increased 7.62%, carpets 6.52%, and ready-made garments of all textiles 3.97%. Other sectors like leather products, cereal preparations, and cotton yarn also recorded growth.
Imports in March 2025 saw declines in project goods, down 87.25%, silver, down 85.39%, coal, coke, and briquettes, down 30.18%, transport equipment, down 25.53%, pulses, down 23.45%, newsprint, down 17.99%, pearls and precious stones, down 13.77%, and pulp and waste paper, down 11.8%. For FY 2024-25, imports of fertilisers, crude and manufactured, fell 2.21%, pearls and precious stones 24.41%, project goods 18.45%, silver 11.24%, iron and steel 4.61%, newsprint 2.71%, and dyeing, tanning, and colouring materials 13.42%, while coal, coke, and briquettes rose 20.03%.
Export destinations showing growth in March 2025 included the United States, up 35.06%, Australia, up 70.81%, Kenya, up 98.46%, Togo, up 46.52%, and the United Kingdom, up 8.43%. For FY 2024-25, top destinations included the United States, up 11.59%, the United Kingdom, up 12.08%, Japan, up 21.12%, the United Arab Emirates, up 2.84%, and France, up 11.42%. Import sources with growth in March 2025 included the United Arab Emirates, up 57.25%, China, up 25.02%, Saudi Arabia, up 44.03%, Kuwait, up 93.8%, and Ireland, up 208.09%. For FY 2024-25, import sources included the United Arab Emirates, up 32.06%, China, up 11.52%, Thailand, up 43.99%, the United States, up 7.44%, and Russia, up 4.39%.
The services trade surplus expanded to US$ 188.57 billion in FY 2024-25 from US$ 162.75 billion, driven by “robust” services export growth.
Despite challenges in global trade dynamics and a widening merchandise trade deficit, the Ministry claimed India’s export performance in FY 2024-25 demonstrates resilience across diverse sectors, with services and non-petroleum merchandise exports driving overall growth.
– global bihari bureau
Image by Alexander Lesnitsky from Pixabay
