India’s trade performance continued its upward trajectory in the first four months of FY 2025–26, with the Ministry of Commerce & Industry reporting a 5.23% growth in combined merchandise and services exports. The total export value for April–July 2025 stood at US$ 277.63 billion, compared to US$ 263.83 billion during the same period in 2024.
Merchandise Trade:
Merchandise exports for April–July 2025 were valued at US$ 149.20 billion, marking a 3.07% increase from US$ 144.76 billion a year earlier. Key drivers of this growth included:
- Engineering Goods: +13.75% (US$ 10.43 billion in July 2025 vs. US$ 9.17 billion in July 2024)
- Electronic Goods: +33.89% (US$ 3.77 billion vs. US$ 2.81 billion)
- Gems & Jewellery: +28.95% (US$ 2.39 billion vs. US$ 1.85 billion)
- Drugs & Pharmaceuticals: +14.06% (US$ 2.66 billion vs. US$ 2.33 billion)
- Organic & Inorganic Chemicals: +7.19% (US$ 2.47 billion vs. US$ 2.30 billion)
In July 2025 alone, merchandise exports reached US$ 37.24 billion, a 7.3% jump from July 2024, while merchandise imports grew 8.6% to US$ 64.59 billion, resulting in a monthly trade deficit of US$ 27.35 billion.
Services Trade:
Services exports during April–July 2025 rose to US$ 128.43 billion, a 7.86% increase from US$ 119.07 billion in the same period last year. Imports in the services sector remained largely stable at US$ 64.90 billion, producing a healthy services trade surplus of US$ 63.53 billion.
Non-Petroleum & Non-Gems Trade:
Non-petroleum, non-gems & jewellery exports reached US$ 118.40 billion in April–July 2025, up 8.39% from US$ 109.22 billion last year, highlighting broad-based export diversification. Imports in this category rose to US$ 159.80 billion from US$ 146.61 billion.
Trade Partners:
Among export destinations, the USA (+21.64%), China (+19.97%), UAE (+4.62%), Kenya (+64.05%), and Germany (+14.37%) registered the highest growth in April–July 2025. On the import side, China (+13.06%), UAE (+17.67%), Ireland (+302.8%), USA (+12.33%), and Hong Kong (+36.87%) showed substantial increases.
Overall Balance:
Total imports (merchandise + services) in April–July 2025 stood at US$ 308.91 billion, reflecting a 4.25% rise year-on-year. The cumulative trade deficit for the period was US$ 31.28 billion, an improvement over last year’s US$ 32.48 billion, supported by the higher services surplus.
This trade performance indicates robust demand for Indian goods and services overseas, with electronics, engineering, and high-value exports like gems & jewellery leading the charge, even amid global trade uncertainties.
The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2156504
