India’s ship-outs achieve historic high

(MENAFN) India's exports of goods and services reached a record high of $820.93 billion in the 2024-25 financial year, marking a 5.5% increase, according to data from the Commerce Ministry released on Tuesday. The country's goods exports amounted to $437.42 billion, slightly higher than the previous year's figure of $437.07 billion. Services trade data, typically released with a one-month delay by the Reserve Bank of India (RBI), was also included in the calculations based on February data.

Although the growth in total goods exports was modest, India's non-petroleum exports saw notable gains. Non-petroleum exports rose to $374.08 billion, up from $352.92 billion in the previous year. Key contributors to the growth included sectors like engineering goods, electronics, pharmaceuticals, ready-made garments, and agricultural products such as rice, cotton, coffee, spices, tea, and tobacco.

Commerce Secretary Sunil Barthwal attributed this success to a focused government strategy targeting 20 key countries, six merchandise sectors, and six service sectors. Additionally, efforts in engaging with export promotion councils, Indian missions abroad, and relevant ministries played a crucial role in the export growth.

Despite a slowdown in goods exports, the increase in services exports is expected to help offset this, pushing India toward its record export achievement. However, imports also rose during this period, leading to a 20% increase in the trade deficit. The top five destinations for India's goods exports in 2024-25 were the US, UAE, Netherlands, UK, and China.

The record performance comes amid challenges such as US President Donald Trump's 26% reciprocal tariffs on Indian exports, which are temporarily paused until July.

MENAFN28042025000045015687ID1109480514