India’s combined exports of merchandise and services during the April–November 2025 period are estimated at USD 562.13 billion, reflecting an increase from USD 533.16 billion recorded in the corresponding period of the previous year. The growth highlights steady performance in both goods and services trade amid evolving global economic conditions.
Trade Performance in February 2025
Total exports from India in February 2025 are projected at USD 71.95 billion, registering a growth of 3.16 per cent compared with February 2024. During the same month, total imports are estimated at USD 67.52 billion, representing a decline of 11.34 per cent on a year-on-year basis.
Within merchandise trade, exports in February stood at USD 36.91 billion, while imports were recorded at USD 50.96 billion. Several product categories reported notable export growth during the month. Electronic goods posted a rise of 26.46 per cent, rice exports increased by 13.21 per cent, mica and minerals grew by 24.25 per cent, coffee exports rose by 22.32 per cent, and ready-made garments of textiles recorded a growth of 3.97 per cent.
Services Exports Show Strong Growth
Services exports continued to strengthen, with total services exports in February 2025 estimated at USD 35.03 billion, a significant increase from USD 28.33 billion in February 2024. The expansion in services trade provided key support to overall export growth during the month.
Cumulative Trade Trends for FY 2024–25
For the April–February period of the 2024–25 financial year, India’s total exports are estimated at USD 750.53 billion, marking a growth of 6.24 per cent over USD 706.43 billion recorded in the same period of the previous year. Total imports during this period are estimated at USD 839.89 billion, reflecting an increase of 7.28 per cent year-on-year.
In merchandise trade, cumulative exports of goods reached USD 395.63 billion, marginally higher than USD 395.38 billion recorded a year earlier. Notably, cumulative non-petroleum exports registered a growth of 6.43 per cent, indicating improving performance across key non-oil segments.
Trade Balance Overview
While the overall trade deficit widened due to higher import levels, non-petroleum exports and services trade displayed comparatively stronger resilience. The continued growth in these segments has helped cushion the impact of rising imports and supported India’s overall trade performance.
Summary
India’s cumulative exports of goods and services rose to USD 562.13 billion during April–November 2025, supported by steady growth in both merchandise and services trade. February 2025 saw higher exports and lower imports on a year-on-year basis, with strong contributions from electronics, agricultural products and services. For April–February 2024–25, total exports increased by over 6 per cent, with non-petroleum exports and services trade showing resilience despite a wider trade deficit.
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