With the start of the new fiscal year, India has revised its export targets upwards despite global trade uncertainties and the reciprocal tariffs imposed by the US. A senior government official stated that total exports are expected to exceed USD 800 billion in the 2025-26 period.
The official said, "When considering both merchandise and services exports, we have already surpassed USD 800 billion in the fiscal year 2024-25. While merchandise exports have remained flat, the significant growth in services exports has been the key driver of this achievement."
Indeed, during the period from April 2024 to February 2025, India's total exports reached USD 750.53 billion, marking a 6.24% increase compared to the same period in the previous year. While merchandise exports stood at USD 395.63 billion, almost the same as the previous year, the increase in services exports was particularly notable. Services exports amounted to USD 354.90 billion, reflecting an approximate 14% growth compared to the same period last year.
However, in February, merchandise exports experienced a decline for the fourth consecutive month. This has been attributed to global economic slowdowns and disruptions in trade flows. Nevertheless, government sources expect positive growth in merchandise exports in the fiscal year 2025-26.
The Ministry of Commerce is expected to release the final export and import data for 2024-25 on April 15.
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