India has achieved a historic milestone in its trade performance, with total exports reaching an all-time high of US$824.9 billion in the financial year 2024–25, according to the latest data released by the Reserve Bank of India (RBI) and published by the Ministry of Commerce & Industry. This figure represents a 6.01% increase over the US$778.1 billion exported in 2023–24, marking a significant leap in the country’s economic trajectory.
Services Sector Leads the Way
One of the standout contributors to this impressive growth is the services sector, which continues to play a pivotal role in India’s export strategy. Services exports hit a record US$387.5 billion, showing a 13.6% rise from US$341.1 billion in the previous financial year.
For March 2025 alone, India’s services exports stood at US$35.6 billion, a remarkable 18.6% year-on-year growth compared to US$30.0 billion in March 2024. These figures underscore the increasing global competitiveness and demand for Indian IT, consulting, financial, and business services. Notably, the computer and information services industry, encompassing IT, consulting, financial, and business services, accounted for approximately 68% of total service exports. This underscores India’s robust standing in IT outsourcing, software development, and digital services.
Merchandise Exports Overview
Total merchandise exports stood at $437.42 billion, registering a marginal increase of 0.08% from $437.07 billion in the previous fiscal year. Within this, non-petroleum merchandise exports reached a record $374.1 billion, up 6% from $352.9 billion in FY 2023–24.
Non-Petroleum Merchandise Exports Hit New Peak
Merchandise exports excluding petroleum products also saw a robust performance, climbing to US$374.1 billion in 2024–25, up 6.0% from US$352.9 billion the year before. This growth reflects the strengthening of India’s manufacturing base and the effectiveness of export diversification policies.
The rise in non-petroleum merchandise exports highlights growing sectors such as electronics, pharmaceuticals, engineering goods, and textiles, which have been focal points of government initiatives under “Make in India” and the Production Linked Incentive (PLI) schemes.
Composition of Non-Petroleum Merchandise Exports
The non-petroleum merchandise export segment saw significant contributions from various sectors:
- Electronic goods: Exports surged by 32.47% to $38.58 billion.
- Pharmaceuticals: Exports increased by 9.67% reaching $27.9 billion.
- Engineering goods: Continued to be a major contributor, with exports rising to $67.49 billion.
Top States and Cities Contributing to Merchandise Exports
The merchandise export landscape in India is significantly influenced by a few key states:
- Gujarat: Leading with exports valued at $146.5 billion, contributing approximately 33.55% of the nation’s total merchandise exports.
- Maharashtra: Following with $72.5 billion in exports, accounting for 16.6%.
- Tamil Nadu: Contributing $40.7 billion, making up 9.32%.
- Karnataka: With exports of $27.9 billion, representing 6.39%.
These include exports from petroleum and non-petroleum sector. Collectively, these four states contribute over 65% of India’s merchandise exports. Major cities such as Jamnagar, Surat, Mumbai, Chennai, and Tiruppur serve as key hubs due to their industrial and port infrastructure.
Top Merchandise Export Destinations – FY 2024–25
| Rank | Country | Export Value (USD Billion) | Nature of Exports |
|---|---|---|---|
| 1 | United States | $88.02 | Non-oil: Pharmaceuticals, textiles, gems & jewellery, machinery |
| 2 | United Arab Emirates (UAE) | $35.63 | Mixed: Petroleum products, gems & jewellery, textiles |
| 3 | Netherlands | $21.62 | Non-oil: Chemicals, machinery, electronics |
| 4 | China | $16.66 | Non-oil: Organic chemicals, iron ore, cotton |
| 5 | Singapore | $14.41 | Non-oil: Machinery, electronics, pharmaceuticals |
| 6 | United Kingdom | $11.68 | Non-oil: Gems & jewellery, pharmaceuticals, apparel |
| 7 | Saudi Arabia | $11.56 | Mixed: Petroleum products, rice, chemicals |
| 8 | Germany | $8.24 | Non-oil: Auto components, machinery, textiles |
| 9 | Bangladesh | $7.84 | Non-oil: Cotton, machinery, chemicals |
| 10 | France | $7.28 | Non-oil: Aircraft parts, pharmaceuticals, machinery |
Note: Export values are approximate and based on available data.
A Strong Step Forward
This export performance reaffirms India’s resilience and adaptability in a dynamic global trade environment. The growth across both services and non-petroleum merchandise sectors signifies a well-balanced export portfolio, reducing over, reliance on any single category and positioning India as a reliable global trade partner.
Source: india-briefing.com, pib.gov.in, economictimes.indiatimes.com, reuters.com, en.wikipedia.org
Disclaimer: The above information is provided for informational purposes only and is based on the secondary research. It does not constitute financial, legal, or professional advice. 360tf assumes no liability for any reliance placed on third-party content and disclaims all responsibility for any loss or damage arising therefrom.
