Did India’s total exports really rise 6 percent to an all-time high of $824.9 billion?
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Synopsis
India has achieved an extraordinary milestone with its total exports hitting $824.9 billion in FY 2024–25, according to the Reserve Bank of India. This 6% increase compared to last year marks a significant achievement, driven primarily by robust services exports. The nation is also on the brink of a crucial bilateral trade agreement with the US, promising further economic growth.
Key Takeaways
- India's total exports hit $824.9 billion, a record high.
- 6.01% growth over the previous year.
- Services exports rose to $387.5 billion, up 13.6%.
- Merchandise exports excluding petroleum reached $374.1 billion.
- India and US nearing a significant bilateral trade agreement.
New Delhi, May 2 (NationPress) India's total exports have reached an unprecedented $824.9 billion in the financial year 2024–25, according to the latest figures from the Reserve Bank of India, which includes the services trade data for March 2025.
This achievement signifies a 6.01 per cent increase compared to last year's export total of $778.1 billion.
Exports of services have been pivotal in this growth, achieving a record $387.5 billion in 2024–25, a 13.6 per cent rise from $341.1 billion in the preceding year. For March 2025, services exports were valued at $35.6 billion, which is an 18.6 per cent year-on-year growth from $30.0 billion in March 2024, as per the latest RBI statistics.
In 2024–25, merchandise exports, excluding petroleum products, climbed to a historic $374.1 billion, representing a 6 per cent increase from $352.9 billion in 2023–24 — marking the highest annual non-petroleum merchandise exports recorded.
Previously, figures released by the Commerce Ministry on April 15 indicated that India’s total exports of goods and services rose by 5.5 per cent to a record $820.93 billion for the financial year that ended on March 31, 2025.
However, the actual data for services exports had not been finalized by the RBI at that time, leading to the use of an extrapolated estimate. With the actual figures now available, the total value has increased.
Looking ahead, while the increase in US tariffs announced by President Donald Trump is anticipated to impact global trade, India and the US are progressing towards a bilateral trade agreement.
During recent discussions, officials from India’s Department of Commerce and the Office of the US Trade Representative engaged in productive talks in Washington from April 23-25, aiming to finalize the first phase of the Bilateral Trade Agreement by Fall (September-October) of 2025.
This follows previous bilateral discussions held in March 2025 in New Delhi.
"The meetings in Washington, D.C., were productive, covering a range of topics related to tariff and non-tariff issues. The teams discussed the timeline for concluding the first phase of the mutually beneficial, multi-sectoral Bilateral Trade Agreement by Fall of 2025, including opportunities for early mutual benefits," the statement revealed.
While extensive virtual sectoral expert-level engagements have occurred, in-person meetings are scheduled to commence by the end of May, as indicated by an official statement.
Point of View
This remarkable growth in India's exports underscores the nation's resilience and adaptability in a challenging global trade environment. The shift towards a more service-oriented export strategy, coupled with the proactive steps being taken towards a bilateral trade agreement with the US, reinforces India's position as a key player in the global economy.
NationPress
23/05/2025
Frequently Asked Questions
What are India's total exports for FY 2024-25?
India's total exports for FY 2024-25 have reached an all-time high of $824.9 billion.
How much did services exports grow?
Services exports increased by 13.6% to $387.5 billion in FY 2024-25.
What impact will US tariffs have on India?
The recent increase in US tariffs may affect global trade, but India is working towards a bilateral trade agreement with the US.
When is the first phase of the Bilateral Trade Agreement expected to be finalized?
The first phase of the Bilateral Trade Agreement is expected to be finalized by Fall (September-October) of 2025.
What was the previous year's export figure?
The previous year's export figure was $778.1 billion.
