The cumulative value of merchandise exports during April-February 2024-25 was USD 395.63 Billion, as compared to USD 395.38 Billion during April-February 2023-24, registering a positive growth of 0.06%

The cumulative Non-Petroleum exports in April-February2024-25 valued at USD 337.01Billion registered an increase of 6.43% as compared to USD 316.64Billion in April-February2023-24

Major drivers of merchandise exports growth in February 2025 include Electronic Goods, Rice, Mica, Coal & Other Ores, Minerals including processed minerals, RMG of all Textiles and Coffee

Electronic Goods exports increased by 26.46% from USD 3 Billion in February 2024 to USD 3.79 Billion in February2025

RMG of all Textiles exports increased by 3.97 % from USD 1.48 Billion in February 2024 to USD 1.53 Billion in February 2025

Rice exports increased by 13.21% from USD 1.05 Billion in February 2024 to USD 1.19 Billion in February2025

Marine products exports increased by 3.40% from USD 0.49 Billion in February 2024 to USD 0.51 Billion in February 2025

Mica, Coal & Other Ores, Minerals including processed minerals exports increased by 24.25% from USD 0.40 Billion in February2024 to USD 0.50 Billion in February 2025

Coffee exports increased by 22.32% from USD 0.15 Billion in February2024 to USD 0.18 Billion in February 2025

• India’s total exports (Merchandise and Services combined) for February2025* is estimated at USD 71.95 Billion, registering a positive growth of 3.16 percent vis-à-vis February2024.Total imports (Merchandise and Services combined) for February2025* is estimated at USD 67.52 Billion, registering a negative growth of (-)11.34 percent vis-à-vis February2024.

Table 1: Trade during February2025*

		February2025 (USD Billion)	February2024 (USD Billion)
Merchandise	Exports	36.91	41.41
	Imports	50.96	60.92
Services*	Exports	35.03	28.33
	Imports	16.55	15.23
Total Trade (Merchandise +Services) *	Exports	71.95	69.74
	Imports	67.52	76.15
	Trade Balance	4.43	-6.41

* Note: The latest data for services sector released by RBI is for January2025. The data for February2025 is an estimation, which will be revised based on RBI’s subsequent release. (ii) Data for April-February2023-24 and April-September2024 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Total Trade during February2025*

• India’s total exports during April-February2024-25* is estimated at USD 750.53 Billion registering a positive growth of 6.24 percent. Total imports during April-February2024-25* is estimated at USD 839.89 Billion registering a growth of 7.28 percent.

Table 2: Trade during April-February2024-25*

		April-February2024-25 (USD Billion)	April-February2023-24 (USD Billion)
Merchandise	Exports	395.63	395.38
	Imports	656.68	621.19
Services*	Exports	354.90	311.05
	Imports	183.21	161.71
Total Trade (Merchandise +Services) *	Exports	750.53	706.43
	Imports	839.89	782.90
	Trade Balance	-89.37	-76.47

 

Fig 2: Total Trade during April-February 2024-25*        

   

MERCHANDISE TRADE

• Merchandise exports during February2025 were USD 36.91 Billion as compared to USD 41.41 Billion in February2024.
• Merchandise imports during February2025 were USD 50.96 Billion as compared to USD 60.92 Billion in February2024.

Fig 3: Merchandise Trade during February 2025

 

• Merchandise exports during April-February 2024-25 were USD 395.63 Billion as compared to USD 395.38 Billion during April-February2023-24.
• Merchandise imports during April-February2024-25 were USD 656.68 Billion as compared to USD 621.19 Billion during April-February2023-24.
• Merchandise trade deficit during April-February 2024-25 was USD 261.06 Billion as compared to USD 225.81 Billion during April-February 2023-24.

Fig 4: Merchandise Trade during April-February 2024-25

• Non-petroleum and non-gems & jewellery exports in February2025 were USD 28.57Billion compared to USD 29.99Billion in February2024.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in February2025 were USD 35.02Billion compared to USD 33.96Billion in February2024.

Table 3: Trade excluding Petroleum and Gems & Jewellery during February2025

	February2025 (USD Billion)	February2024 (USD Billion)
Non- petroleum exports	31.10	33.19
Non- petroleum imports	39.07	44.03
Non-petroleum & Non-Gems & Jewellery exports	28.57	29.99
Non-petroleum & Non-Gems & Jewellery imports	35.02	33.96

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 5: Trade excluding Petroleum and Gems & Jewellery during February2025

• Non-petroleum and non-gems & jewellery exports in April-February2024-25 were USD 310.09 Billion, compared to USD 286.55 Billion in April-February2023-24.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-February2024-25 were USD 415.85 Billion, compared to USD 388.82 Billion in April-February2023-24.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-February2024-25

	April-February2024-25 (USD Billion)	April-February2023-24 (USD Billion)
Non- petroleum exports	337.01	316.64
Non- petroleum imports	489.96	458.80
Non-petroleum &Non Gems& Jewellery exports	310.09	286.55
Non-petroleum & Non Gems & Jewellery imports	415.85	388.82

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-February2024-25

SERVICES TRADE

• The estimated value of services export for February2025* is USD 35.03 Billion as compared to USD 28.33Billion in February2024.
• The estimated value of services imports for February2025* is USD 16.55 Billion as compared to USD 15.23Billion in February2024.

Fig 7: Services Trade during February 2025*

• The estimated value of service exports during April-February2024-25* is USD 354.90 Billion as compared to USD 311.05 Billion in April-February2023-24.
• The estimated value of service imports during April-February2024-25* is USD 183.21 Billion as compared to USD 161.71 Billion in April-February2023-24.
• The services trade surplus for April-February2024-25* is USD 171.69 Billion as compared to USD 149.34 Billion in April-February2023-24.

Fig 8: Services Trade during April-February 2024-25*

• Exports of Tobacco (26.76%), Electronic Goods (26.46%), Mica, Coal & Other Ores, Minerals Including Processed Minerals (24.25%), Coffee (22.32%), Rice (13.21%), Jute Mfg. Including Floor Covering (12.41%), Other Cereals  (11.65%), Meat, Dairy & Poultry Products (6.7%), Carpet (4.87%), Rmg Of All Textiles (3.97%), Marine Products (3.4%), Spices (0.98%) and  Fruits & Vegetables (0.87%) record positive growth during February2025 over the corresponding month of last year.
• Imports of Silver (-75.04%), Gold (-61.98%), Pearls, Precious & Semi-Precious Stones (-41.61%), Coal, Coke & Briquettes, Etc. (-35.63%), Petroleum, Crude & Products (-29.59%), Iron & Steel (-23.37%), Transport Equipment (-16.93%), Newsprint (-12.43%), Artificial Resins, Plastic Materials, Etc. (-6.21%), Professional Instrument, Optical Goods, Etc. (-5.01%), Machine Tools (-3.68%), Fruits & Vegetables  (-0.93%) record negative growth during February2025 over the corresponding month of last year.
• Services exports is estimated to grow by 14.10percent during April-February2024-25* over April-February2023-24.
• Top 5 export destinations, in terms of change in value, exhibiting positive growth in February2025 vis a vis February2024 are U S A (10.37%), Australia (76.19%), Japan (26.55%), Brazil (10.85%) and Nigeria (10.75%).
• Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-February2024-25 vis a vis April-February2023-24 are U S A (9.1%), U Arab Emts (5.19%), U K (12.47%), Japan (21.67%) and Netherland (3.68%).
• Top 5 import sources, in terms of change in value, exhibiting growth in February2025 vis a vis February2024 are Thailand (145.45%), China P Rp (7.83%), Brazil (162.18%), Ireland (117.17%) and Oman (30.24%).
• Top 5 import sources, in terms of change in value, exhibiting growth in April-February2024-25 vis a vis April-February2023-24 are U Arab Emts (29.21%), China P Rp (10.41%), Thailand (42.4%), U S A (7.23%) and Russia (4.9%).

*Link for Quick Estimates

Exports growth led by services and select merchandise sectors, while imports outpaced exports widening the trade gap. India's external trade for April-February 2024-25 recorded growth in combined merchandise and services exports while imports rose faster, widening the trade deficit. Services exports and a services surplus expanded materially, partially offsetting a flat merchandise export performance and a larger merchandise trade deficit. Key sectoral drivers included electronic goods, rice, minerals, textiles and coffee; non-petroleum exports grew, and trade excluding petroleum and gems showed shifts in both exports and imports. February services data are provisional and subject to central bank revision.