As per the RBI, India’s total exports (Merchandise + Services) have reached $824.9 billion in 2024-25 rising by 6.01 % from $778.1 billion in 2023–24.
- This is despite global slowdown triggered by trade disruptions due to Red Sea crisis, Ukraine war, drought in Panama Canal, increase in Non-Tariff Measures, rising energy prices etc.
Key data and trends
- Merchandise Exports: Have marginally increased to US$437.4 billion, from US$437.1 billion in 2023-24.
- Services Exports: Reached a historic high of US$387.5 billion in 2024–25, up 13.6% from US$341.1 billion in 2023-24.
Factors Driving Export Growth
- Policy Push: Government boosted exports via New Foreign Trade Policy, sector-specific schemes, Trade Facilitation, Districts as Export Hubs Initiatives and MSME support.
- Diversification of export markets: Rising demand from Southeast Asia, Africa, and Latin America offset global slowdowns.
- Trade Agreements: New bilateral and multilateral deals, such as India-UAE Comprehensive Economic Partnership Agreement (CEPA), opened markets and lowered barriers, particularly for services and electronics.
- Supply Chain Realignment: India became a reliable alternative in China-plus-one strategies, attracting global companies.