New Delhi: India’s cumulative exports (merchandise and services combined) for the period April–September 2025 have reached US$ 413.30 billion, marking a 4.45% increase over US$ 395.71 billion recorded during the same period in 2024, according to provisional trade data released by the Department of Commerce.
The merchandise cumulative exports during April–September 2025 stood at US$ 220.12 billion, reflecting a 3.02% growth compared to US$ 213.68 billion a year earlier. Non-petroleum exports rose by 7.04% to US$ 189.49 billion, up from US$ 177.03 billion during April–September 2024.
Strong Growth in Cumulative Exports Led by Merchandise and Services
Meanwhile, services cumulative exports were valued at US$ 193.18 billion, a 6.12% year-on-year increase, supported by continued demand in IT, business, and professional services.
September 2025 Trade Snapshot
In September 2025, India’s total exports (merchandise and services) are estimated at US$ 67.20 billion, registering a 0.78% rise over US$ 66.68 billion in September 2024. Imports during the month were valued at US$ 83.82 billion, up 11.34% year-on-year.
Merchandise exports alone stood at US$ 36.38 billion, compared to US$ 34.08 billion in September 2024, while imports increased from US$ 58.74 billion to US$ 68.53 billion.
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Key Drivers of Merchandise Export Growth
The growth in cumulative exports was largely driven by several key sectors. Electronic Goods exports surged 50.54%, rising from US$ 2.07 billion in September 2024 to US$ 3.12 billion in September 2025.
Petroleum Products exports grew 15.22%, reaching US$ 4.96 billion, while Engineering Goods exports increased 2.93% to US$ 10.11 billion.
Exports of Rice (33.18%), Marine Products (23.44%), and Drugs & Pharmaceuticals (2.56%) also contributed significantly to the overall performance.
Imports and Trade Balance
Cumulative imports during April–September 2025 were estimated at US$ 472.79 billion, showing a 3.55% increase compared to US$ 456.58 billion in the previous year. Merchandise imports stood at US$ 375.11 billion, while service imports were valued at US$ 97.68 billion.
The overall trade deficit during the April–September 2025 period was US$ 59.48 billion, slightly lower than US$ 60.87 billion recorded a year earlier.
Non-Petroleum and Non-Gems & Jewellery Trade
Non-petroleum and non-gems & jewellery exports for April–September 2025 stood at US$ 175.29 billion, compared to US$ 163.09 billion in the same period of 2024. Imports under this category rose to US$ 243.58 billion from US$ 224.97 billion, reflecting sustained demand for industrial and intermediate goods.
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IMF Upgrades India’s 2025 Growth Forecast
The International Monetary Fund (IMF), in its October 2025 World Economic Outlook update, upgraded India’s GDP growth forecast to 6.6% for 2025, citing robust first-quarter performance and continued economic momentum.
The IMF noted that India remains a “bright spot” in the global economy despite global trade headwinds.
The Department of Commerce reaffirmed its commitment to sustaining export momentum and working closely with stakeholders to ensure inclusive and sustainable economic growth.
