India’s foreign trade grew moderately during the financial year 2024-25. The combined value of merchandise and services exports for the period April 2024 to March 2025 stood at an estimated US$ 820.93 billion, recording an annual growth of 5.5 percent over the previous year, which had exports of US$ 778.13 billion.
Merchandise exports for the full fiscal year reached US$ 437.42 billion, marginally higher than the US$ 437.07 billion recorded during FY 2023-24. Within this category, non-petroleum exports registered a more significant growth of 6.0 percent, increasing from US$ 352.92 billion in FY 2023-24 to US$ 374.08 billion in FY 2024-25.
A diverse set of goods contributed to the rise in merchandise exports. Among the key products were coffee, tobacco, electronic items, rice, jute-based products including floor coverings, meat and poultry goods, tea, carpets, plastics, ready-made garments, pharmaceutical products, processed food items, minerals, and engineering goods. Agricultural and resource-based products such as fruits and vegetables, mica, and coal also played a role in supporting the growth.
In March 2025, total exports of goods and services were estimated at US$ 73.61 billion, reflecting a year-on-year growth of 2.65 percent compared to March 2024. Imports during the same month stood at US$ 77.23 billion, rising by 4.9 percent from a year earlier.
For the full financial year, India’s total imports, covering both goods and services, were valued at US$ 915.19 billion, up by 6.85 percent over the previous fiscal. This resulted in a widened trade deficit at the aggregate level.
Looking at merchandise trade specifically, exports in March 2025 totalled US$ 41.97 billion, slightly higher than the US$ 41.69 billion recorded in March 2024. Imports rose more significantly, from US$ 57.03 billion in March 2024 to US$ 63.51 billion in March 2025.
Cumulatively for FY 2024-25, merchandise exports were flat at US$ 437.42 billion, while imports rose to US$ 720.24 billion from US$ 678.21 billion in FY 2023-24. This led to a merchandise trade deficit of US$ 282.83 billion compared to US$ 241.14 billion in the preceding fiscal year.
Non-petroleum and non-gems and jewellery exports in March 2025 were estimated at US$ 34.17 billion, showing an improvement from US$ 33.66 billion in March 2024. Imports in the same category rose from US$ 35.85 billion in March 2024 to US$ 37.76 billion in March 2025.
Over the financial year, non-petroleum and non-gems and jewellery exports reached US$ 344.26 billion, up from US$ 320.21 billion in FY 2023-24. Imports under this category also increased, reaching US$ 453.62 billion, compared to US$ 424.67 billion in the previous fiscal.
In the services segment, exports during March 2025 were estimated at US$ 31.64 billion, rising from US$ 30.01 billion in March 2024. Imports of services during March 2025 declined to US$ 13.73 billion, down from US$ 16.60 billion a year earlier.
For the full fiscal year 2024-25, services exports were valued at US$ 383.51 billion, up from US$ 341.06 billion in FY 2023-24. Services imports for the same period stood at US$ 194.95 billion, compared to US$ 178.31 billion in the preceding year. This led to a services trade surplus of US$ 188.57 billion, higher than the US$ 162.75 billion recorded in FY 2023-24.
The data indicated that while merchandise exports remained largely stagnant, gains were observed in the services sector and in non-petroleum product categories. The overall increase in trade volume also led to an expanded trade deficit, driven largely by higher merchandise imports.
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