#IndiaTrade #Exports #Imports #MerchandiseExports #ServicesExports #TradeBalance #EngineeringGoods #Electronics #GemsAndJewellery #PharmaExports #Chemicals #IndiaEconomy #TradeGrowth
New Delhi: India’s exports continued their upward trajectory in the first four months of FY 2025–26, supported by robust demand for engineering goods, electronics, gems & jewellery, pharmaceuticals, and chemicals.
According to government estimates, the country’s total exports — merchandise and services combined — stood at US$ 277.63 billion between April and July 2025, up 5.23% from US$ 263.83 billion during the same period last year. Imports during this period rose 4.25% to US$ 308.91 billion, resulting in a trade deficit of US$ 31.28 billion, slightly narrower than the US$ 32.48 billion recorded a year ago.
Merchandise Trade Performance
Merchandise exports in April–July 2025 reached US$ 149.20 billion, compared to US$ 144.76 billion in the previous year, marking a 3.07% growth. Imports grew at a faster pace, rising to US$ 244.01 billion from US$ 231.59 billion, widening the merchandise trade deficit to US$ 94.80 billion.
A major highlight was the strong growth in non-petroleum exports, which rose 7.70% to US$ 127.46 billion from US$ 118.34 billion a year ago. Non-petroleum and non-gems & jewellery exports climbed to US$ 118.40 billion, up from US$ 109.22 billion.
In July 2025 alone, merchandise exports were valued at US$ 37.24 billion, up from US$ 34.71 billion in July 2024, while imports stood at US$ 64.59 billion, higher than US$ 59.48 billion in the same month last year.
Sectoral Growth Drivers
Several product categories recorded impressive year-on-year growth in July 2025:
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Engineering goods: up 13.75% to US$ 10.43 billion
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Electronic goods: up 33.89% to US$ 3.77 billion
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Gems & jewellery: up 28.95% to US$ 2.39 billion
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Drugs & pharmaceuticals: up 14.06% to US$ 2.66 billion
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Organic & inorganic chemicals: up 7.19% to US$ 2.47 billion
Other notable performers included coffee (+67.46%), other cereals (+71.97%), meat & dairy products (+31.19%), and mica & minerals (+27.11%).
Services Trade
Services exports between April–July 2025 were estimated at US$ 128.43 billion, up 7.86% from US$ 119.07 billion a year earlier. Imports in this segment remained almost flat at US$ 64.90 billion, compared to US$ 64.72 billion in April–July 2024. This resulted in a services trade surplus of US$ 63.53 billion, higher than last year’s US$ 54.34 billion.
For July 2025, services exports stood at US$ 31.03 billion, while imports were US$ 15.40 billion, indicating a continued surplus in the sector.
Trade Partners and Market Trends
The US, UAE, China, Spain, and Hong Kong emerged as the top export destinations showing strong growth in July 2025. Exports to the US grew 19.94%, to China 27.39%, and to Hong Kong a remarkable 66.43%.
On the imports side, Saudi Arabia, Hong Kong, Ireland, Peru, and the US were among the fastest-growing sources. Ireland recorded an extraordinary 375.56% surge in July 2025 imports, largely due to specific high-value shipments.
Key Import-Export Highlights in July 2025
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Non-petroleum exports rose to US$ 32.90 billion from US$ 28.92 billion.
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Non-petroleum & non-gems & jewellery imports increased to US$ 42.79 billion from US$ 40.04 billion.
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Imports of pulses dropped sharply (-51.62%), alongside declines in leather products (-41.1%), newsprint (-25.73%) and coal (-20.93%).
Outlook
Trade analysts note that the healthy export growth despite global uncertainties reflects the resilience of India’s diversified export base. Electronics, pharmaceuticals, and engineering goods are expected to remain strong contributors, aided by government incentives and stable global demand. However, the merchandise trade deficit continues to be a concern, driven by strong import growth in certain sectors.
The Ministry of Commerce is likely to continue promoting sector-specific export strategies, while keeping an eye on global commodity price trends that could impact both imports and exports in the coming quarters.
#IndiaTrade #Exports #Imports #MerchandiseExports #ServicesExports #TradeBalance #EngineeringGoods #Electronics #GemsAndJewellery #PharmaExports #Chemicals #IndiaEconomy #TradeGrowth
