New Delhi: India’s cumulative exports of merchandise and services rose to USD 413.30 billion during April–September 2025, marking a 4.45 percent growth over USD 395.71 billion in the same period last year, according to the Ministry of Commerce & Industry. Merchandise exports stood at USD 220.12 billion (↑ 3.02%) while non-petroleum exports climbed 7.04 percent to USD 189.49 billion.
Major Export Drivers (September 2025)
| Category | September 2025 (US$ Billion) |
September 2024 (US$ Billion) |
|---|---|---|
| Merchandise Exports | 36.38 | 34.08 |
| Merchandise Imports | 68.53 | 58.74 |
| Services Exports* | 30.82 | 32.60 |
| Services Imports* | 15.29 | 16.54 |
| Total Exports (Merchandise + Services) |
67.20 | 66.68 |
| Total Imports (Merchandise + Services) |
83.82 | 75.28 |
| Trade Balance | -16.61 | -8.60 |
*Provisional data based on RBI estimates for September 2025
India’s Trade Snapshot (April–September 2025)
| Category | April–September 2025 (US$ Billion) |
April–September 2024 (US$ Billion) |
|---|---|---|
| Merchandise Exports | 220.12 | 213.68 |
| Merchandise Imports | 375.11 | 358.85 |
| Services Exports* | 193.18 | 182.03 |
| Services Imports* | 97.68 | 97.73 |
| Total Exports (Merchandise + Services) |
413.30 | 395.71 |
| Total Imports (Merchandise + Services) |
472.79 | 456.58 |
| Trade Balance | -59.48 | -60.87 |
*Provisional data based on RBI and Commerce Ministry estimates for April–September 2025
Trade excluding Petroleum and Gems & Jewellery (Sep 2025)
| Category | September 2025 (US$ Billion) |
September 2024 (US$ Billion) |
|---|---|---|
| Non-Petroleum Exports | 31.43 | 29.78 |
| Non-Petroleum Imports | 54.50 | 43.83 |
| Non-Petroleum & Non-Gems & Jewellery Exports | 28.59 | 26.95 |
| Non-Petroleum & Non-Gems & Jewellery Imports | 41.77 | 36.96 |
Note: Gems & Jewellery imports include Gold, Silver, Pearls, and Precious & Semi-Precious Stones.
Key Highlights from PIB Report
- Electronics boom: Exports of electronic goods jumped 50.5 percent to USD 3.12 billion.
- Petroleum products: Up 15.2 percent to USD 4.96 billion.
- Rice and marine products: Surged 33 percent and 23 percent respectively.
- Drugs & pharmaceuticals: Grew 2.5 percent to USD 2.62 billion.
- Top export markets: UAE (+9.3 %), China (+21.9 %), USA (+13.3 %), Spain (+40.3 %) and Hong Kong (+23.5 %).
- Top import sources: China, UAE, USA, Ireland and Hong Kong registered double-digit growth.
Global Outlook
The IMF has upgraded India’s GDP growth forecast to 6.6 percent for 2025, reflecting continued economic momentum and strong performance in the first quarter. According to the Commerce Ministry India remains a “bright spot in the global economy,” driven by diversified export growth across electronics, engineering and agro-based sectors
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