India’s cumulative exports of merchandise and services during April-December 2025 are estimated at USD 634.26 billion, registering a growth of 4.33 per cent compared with USD 607.93 billion in the corresponding period last year, according to data released by the Ministry of Commerce and Industry.
Merchandise exports during the nine-month period stood at USD 330.29 billion, up 2.44 per cent from USD 322.41 billion in April-December 2024. Non-petroleum exports recorded a stronger performance, rising 5.51 per cent to USD 288.16 billion.
In December 2025, India’s total exports (merchandise and services combined) are estimated at USD 74.01 billion, marginally lower by 1.01 per cent year-on-year. Total imports during the month rose 6.17 per cent to USD 80.94 billion, resulting in a trade deficit of USD 6.92 billion.
Merchandise exports in December 2025 increased to USD 38.51 billion from USD 37.80 billion a year ago, while imports rose to USD 63.55 billion from USD 58.43 billion. For April-December 2025, merchandise imports stood at USD 578.61 billion, compared with USD 546.36 billion in the year-ago period, pushing the merchandise trade deficit to USD 248.32 billion.
Non-petroleum and non-gems & jewellery exports in December 2025 rose to USD 32.02 billion, up from USD 30.96 billion in December 2024. For April-December 2025, such exports were valued at USD 266.94 billion, compared with USD 251.73 billion a year earlier.
Major drivers of merchandise export growth in December 2025 included electronic goods, meat, dairy and poultry products, drugs and pharmaceuticals, engineering goods and marine products. Electronic goods exports rose 16.78 per cent year-on-year to USD 4.17 billion, while meat, dairy and poultry exports jumped 30.16 per cent to USD 0.66 billion. Marine product exports grew by 11.73 per cent, and drugs and pharmaceuticals rose by 5.65 per cent.
Services exports for December 2025 are estimated at USD 35.50 billion, compared with USD 36.97 billion in December 2024, while services imports stood at USD 17.38 billion. During April-December 2025, services exports rose 6.46 per cent to USD 303.97 billion, generating a services trade surplus of USD 151.74 billion, higher than USD 135.52 billion a year earlier.
Among export destinations, China, the UAE, Malaysia, Hong Kong and Spain recorded the highest growth in December 2025. On a cumulative basis, the US, China, the UAE, Spain and Hong Kong were the top contributors to export growth during April-December 2025. On the import side, China, Saudi Arabia, Brazil, Peru, and Chile saw the highest growth in December 2025.