June 18, 2025
NEW DELHI – India’s total exports—combining merchandise and services—rose to USD 71.12 billion in May 2025, marking a 2.77% year-on-year increase, according to data released by the Ministry of Commerce and Industry.
In comparison, total exports in May 2024 stood at USD 69.20 billion. The growth was driven by a sharp increase in services exports, which rose to USD 32.39 billion in May from USD 29.61 billion a year ago. However, merchandise exports declined marginally to USD 38.73 billion, down from USD 39.59 billion in the same month last year.
India’s overall imports (goods and services combined) dipped slightly to USD 77.75 billion in May 2025 from USD 78.55 billion a year earlier. As a result, the trade deficit narrowed significantly to USD 6.62 billion in May from USD 9.35 billion in May 2024.
During the first two months of the ongoing financial year 2025-26 (April–May), India’s total exports reached USD 142.43 billion, a 5.75% increase compared to the same period last year. Imports during the same period stood at USD 157.57 billion, up 6.52% year-on-year.
The trade deficit for April–May widened slightly to USD 17.14 billion, compared with USD 15.12 billion in the same period of FY25.
India’s total exports for the full financial year 2024-25 hit an all-time high of USD 824.9 billion, exceeding the government’s initial target of USD 800 billion. This marks a 6.01% rise over the USD 778.1 billion recorded in FY2023-24.
The growth was largely led by the services sector, with exports reaching a historic USD 387.5 billion, up 13.6% from USD 341.1 billion in the previous year. Merchandise exports, meanwhile, stood at USD 437.42 billion, registering a marginal year-on-year increase.
