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New Delhi: India’s external trade performance maintained its positive trajectory in the first half of the fiscal year 2025–26, with cumulative exports of merchandise and services estimated at USD 413.30 billion, registering a 4.45% growth compared to USD 395.71 billion during the same period last year. The data released by the Ministry of Commerce & Industry highlights robust expansion in both merchandise and services exports, supported by strong performances in key sectors such as electronics, engineering, petroleum products, rice, marine goods, and pharmaceuticals.
Merchandise Exports Rise Over 3% in April–September 2025
The cumulative value of merchandise exports during April–September 2025 stood at USD 220.12 billion, up 3.02% from USD 213.68 billion during April–September 2024. Imports during the same period were valued at USD 375.11 billion, registering a growth of 4.53%. This resulted in a merchandise trade deficit of USD 154.98 billion, compared to USD 145.18 billion in the previous year.
In September 2025 alone, merchandise exports amounted to USD 36.38 billion, marking a strong year-on-year growth of 6.75% over USD 34.08 billion in September 2024. The increase was primarily driven by electronics, engineering goods, petroleum products, marine exports, and agri-based commodities.
Among the top-performing product categories, Electronic Goods exports surged by 50.54%, reaching USD 3.12 billion in September 2025 from USD 2.07 billion a year ago. Petroleum Products rose 15.22%, Engineering Goods by 2.93%, Rice exports by 33.18%, Marine Products by 23.44%, and Drugs & Pharmaceuticals by 2.56%.
Non-petroleum exports for the first half of FY2025–26 stood at USD 189.49 billion, up 7.04% year-on-year, reflecting broad-based growth across industrial and agricultural categories.
Services Sector Continues to Support Trade Balance
India’s services sector remained resilient despite global uncertainties. Services exports for April–September 2025 were estimated at USD 193.18 billion, compared to USD 182.03 billion in the same period last year — an increase of 6.12%.
Services imports were nearly unchanged at USD 97.68 billion, resulting in a services trade surplus of USD 95.50 billion, up from USD 84.31 billion during April–September 2024.
For September 2025, services exports were estimated at USD 30.82 billion, while imports stood at USD 15.29 billion. The strong services trade surplus continues to provide a cushion to India’s overall trade position despite widening merchandise gaps.
Total Trade Crosses USD 886 Billion in H1 FY2025–26
Combining both merchandise and services, India’s total trade (exports plus imports) for April–September 2025 was valued at USD 886.09 billion, up from USD 852.29 billion in the previous year. Total imports reached USD 472.79 billion, reflecting a growth of 3.55%, while the overall trade deficit narrowed slightly to USD 59.48 billion, compared to USD 60.87 billion during the same period last year.
Non-petroleum and non-gems & jewellery exports — a key indicator of India’s industrial and manufacturing competitiveness — grew strongly to USD 175.29 billion from USD 163.09 billion last year.
Sectoral Performance and Destination Trends
India’s export performance in September 2025 was led by notable growth across several sectors. Exports of Cashew (106%), Other Cereals (58%), Iron Ore (52%), Electronic Goods (50%), Rice (33%), Meat and Dairy Products (32%), Marine Products (23%), and Tea (22%) recorded double-digit growth.
At the same time, imports of certain commodities, including pulses (-55%), coal (-16%), and iron & steel (-7%), saw a decline, partly offsetting the impact of rising crude and precious metal imports.
Among India’s major export destinations, UAE (24%), Spain (151%), China (34%), Bangladesh (23%), and Egypt (67%) showed significant growth in September 2025. On a cumulative basis (April–September 2025), USA (13%), UAE (9%), China (22%), Spain (40%), and Hong Kong (23%) emerged as top markets.
IMF Raises India’s Growth Outlook to 6.6%
In a major endorsement of India’s economic resilience, the International Monetary Fund (IMF), in its October 2025 World Economic Outlook (WEO) update, revised India’s GDP growth forecast upward to 6.6% for 2025, followed by 6.2% in 2026. The revision reflects strong momentum from robust trade growth, steady domestic consumption, and manufacturing resilience, despite global trade headwinds.
The IMF noted that India’s strong first-quarter performance has more than offset the impact of recent tariff adjustments by the United States.
Outlook: Sustaining Momentum
The Department of Commerce stated that India continues to be a “bright spot in the global economy” and will work closely with all stakeholders to sustain the current growth momentum. Continued policy support, export diversification, and strong service sector performance are expected to further strengthen India’s trade position in the coming quarters.
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