India's Export Milestone: Historic Growth in Trade Figures for 2024-25

India's total exports, encompassing both merchandise and services, hit USD 71.12 billion in May, marking a 2.77% increase compared to the previous year, according to data from the Union Commerce Ministry released on Monday. Last year's total for the same month was pegged at USD 69.20 billion. While the merchandise exports dropped from USD 39.59 billion to USD 38.73 billion, the services sector showed a growth, increasing from USD 29.61 billion to USD 32.39 billion in May 2025.

The imports of goods and services into India were reported at USD 77.75 billion in May, decreasing slightly from USD 78.55 billion a year ago. This contributed to the trade deficit narrowing to USD 6.62 billion from USD 9.35 billion. During the April-May period of 2025-26, India's exports reached approximately USD 142.43 billion, reflecting a 5.75% year-on-year increase, while imports also grew by 6.52% during the same period.

The recently concluded financial year 2024-25 witnessed India attaining record-high exports of USD 824.9 billion, surpassing initial expectations of USD 800 billion and marking a 6.01% increase over the previous fiscal year's USD 778.1 billion. This achievement was largely driven by the service exports, which reached USD 387.5 billion, a 13.6% rise from prior figures. The government's Production Linked Incentive (PLI) scheme for various sectors, including electronic goods, has played a strategic role in boosting competitiveness and export figures.

(With inputs from agencies.)