India's Total Exports Projected to Rise by 5.5% to USD 820.93 Billion in FY 2024-25.

In April 2025, the Ministry of Commerce & Industry reported that India’s total exports—including both merchandise and services—for the financial year (FY) 2024-25 are estimated at USD 820.93 billion, reflecting a growth of 5.5% over FY 2023-24, when exports stood at USD 778.13 billion. Total imports for FY 2024-25 are projected at USD 915.19 billion, marking a 6.85% increase from USD 856.52 billion in the previous financial year.

      - In the merchandise trade segment, exports during FY 2024-25 reached USD 437.42 billion, showing a slight rise from USD 437.07 billion in FY 2023-24. Meanwhile, merchandise imports increased to USD 720.24 billion, up from USD 678.21 billion in the previous year. As a result, India’s merchandise trade deficit widened to USD 282.83 billion, compared to USD 241.14 billion recorded in FY 2023-24.

      - For March 2025 alone, merchandise exports were reported at USD 41.97 billion, slightly higher than USD 41.69 billion in March 2024. On the import side, March 2025 witnessed merchandise imports worth USD 63.51 billion, a notable increase from USD 57.03 billion in the same month last year, highlighting a continued rise in trade activities.

      - India’s service trade also saw significant growth. The estimated value of service exports during FY 2024-25 reached USD 383.51 billion, up from USD 341.06 billion in FY 2023-24. On the other hand, service imports rose to USD 194.95 billion, compared to USD 178.31 billion in the previous fiscal year.

Main Point :-   (i) With robust service exports and a controlled increase in imports, India’s services trade surplus for FY 2024-25 is estimated at USD 188.57 billion, marking a rise from USD 162.75 billion in FY 2023-24. This further emphasizes the strength of India’s service sector in driving foreign exchange earnings.

      (ii) In March 2025, the estimated services export value was USD 31.64 billion, increasing from USD 30.01 billion in March 2024. Interestingly, service imports declined to USD 13.73 billion in March 2025 from USD 16.60 billion in the same month of the previous year, further contributing to a positive trade balance in services.

(iii) Among notable export categories, coffee exports surged by 40.37%, rising from USD 1.29 billion to USD 1.81 billion. Drugs & pharmaceuticals exports increased by 9.39%, reaching USD 30.47 billion, up from USD 27.85 billion. Rice exports grew by 19.73% to hit USD 12.47 billion, while exports of jute manufacturing items, including floor coverings, rose by 13.35% to reach USD 0.38 billion in FY 2024-25.