India’s ship-outs achieve historic high

(MENAFN) India's total exports of goods and services reached an all-time high of $820.93 billion in the 2024–25 financial year, marking a 5.5% increase from the previous year, according to data released by the Commerce Ministry on Tuesday.

Merchandise exports slightly edged up to $437.42 billion from $437.07 billion in 2023–24, while a strong performance in non-petroleum exports helped drive overall growth. Non-petroleum goods exports rose to $374.08 billion, up from $352.92 billion last year, supported by key sectors such as engineering, electronics, pharmaceuticals, apparel, and agricultural products including rice, cotton, coffee, spices, tea, and tobacco.

Although trade in March remained largely unchanged, the Commerce Ministry expects a boost in services exports to compensate for the stagnation in goods. Services trade data from the Reserve Bank of India, current through February, has been used for the ministry’s estimates.

Commerce Secretary Sunil Barthwal credited the record-breaking performance to a focused government export strategy targeting 20 countries and prioritizing six key goods and services sectors. He highlighted the importance of close coordination with export councils, Indian missions abroad, and relevant ministries.

Despite the achievement, India’s imports also rose, leading to a 20% increase in the trade deficit. The country's top five export destinations for 2024–25 were the United States, UAE, Netherlands, United Kingdom, and China.

This export milestone comes as India navigates global trade tensions, including a 26% reciprocal tariff imposed by the US, which has been temporarily suspended until July.

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