India’s total exports (including merchandise and services) for February 2025 were estimated at USD 71.95 billion, reflecting a growth of 3.16% compared to February 2024. Meanwhile, total imports (merchandise and services) for February 2025 were estimated at USD 67.52 billion, recording a decline of 11.34% compared to February 2024.
In terms of value, India’s total exports during April-February 2024-25 were estimated at USD 750.53 billion, marking a growth of 6.24%. During the same period, total imports were estimated at USD 839.89 billion, registering a growth of 7.28%.
Merchandise Trade
Merchandise exports in February 2025 amounted to USD 36.91 billion, down from USD 41.41 billion in February 2024. Imports during the same period stood at USD 50.96 billion, compared to USD 60.92 billion in February 2024.
For the period April-February 2024-25, merchandise exports were recorded at USD 395.63 billion, compared to USD 395.38 billion during April-February 2023-24. Merchandise imports for the same period were USD 656.68 billion, up from USD 621.19 billion in April-February 2023-24. The merchandise trade deficit for April-February 2024-25 stood at USD 261.06 billion, compared to USD 225.81 billion in the corresponding period of 2023-24.
Non-petroleum and non-gems & jewellery exports in February 2025 reached USD 28.57 billion, compared to USD 29.99 billion in February 2024. Imports in this category, including gold, silver, and precious metals, amounted to USD 35.02 billion in February 2025, up from USD 33.96 billion in February 2024.
For April-February 2024-25, non-petroleum and non-gems & jewellery exports were recorded at USD 310.09 billion, compared to USD 286.55 billion during April-February 2023-24. Imports in this category stood at USD 415.85 billion, up from USD 388.82 billion in April-February 2023-24.
Services Trade
The estimated value of services exports for February 2025 was USD 35.03 billion, compared to USD 28.33 billion in February 2024. Services imports for February 2025 were estimated at USD 16.55 billion, up from USD 15.23 billion in February 2024.
For April-February 2024-25, the estimated value of service exports stood at USD 354.90 billion, compared to USD 311.05 billion in April-February 2023-24. Service imports for the same period were estimated at USD 183.21 billion, up from USD 161.71 billion in April-February 2023-24. The services trade surplus for April-February 2024-25 was USD 171.69 billion, compared to USD 149.34 billion in April-February 2023-24.
The cumulative exports (merchandise and services) during April-February 2024-25 were estimated at USD 750.53 billion, up from USD 706.43 billion in April-February 2023-24, reflecting a growth of 6.24%.
The cumulative value of merchandise exports for April-February 2024-25 stood at USD 395.63 billion, slightly increasing from USD 395.38 billion in April-February 2023-24, recording a growth of 0.06%. Non-petroleum exports during the same period were valued at USD 337.01 billion, reflecting a growth of 6.43% compared to USD 316.64 billion in April-February 2023-24.
Key Drivers of Merchandise Export Growth
Electronic goods, rice, mica, coal and other ores, minerals (including processed minerals), ready-made garments of all textiles, and coffee were major contributors to merchandise export growth in February 2025.
Electronic goods exports increased by 26.46%, rising from USD 3 billion in February 2024 to USD 3.79 billion in February 2025. Exports of ready-made garments of all textiles grew by 3.97%, from USD 1.48 billion in February 2024 to USD 1.53 billion in February 2025. Rice exports saw a rise of 13.21%, increasing from USD 1.05 billion in February 2024 to USD 1.19 billion in February 2025. Marine product exports increased by 3.40%, from USD 0.49 billion in February 2024 to USD 0.51 billion in February 2025. Exports of mica, coal, and other ores, minerals (including processed minerals) rose by 24.25%, from USD 0.40 billion in February 2024 to USD 0.50 billion in February 2025. Coffee exports saw a growth of 22.32%, from USD 0.15 billion in February 2024 to USD 0.18 billion in February 2025.
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