SDG 8: Decent Work and Economic Growth | SDG 17: Partnerships for the Goals
Ministry of Commerce & Industry
India’s total Quick Estimates for cumulative exports (merchandise and services combined) for the period of April-December 2025 are estimated at US$ 634.26 Billion, reflecting a positive growth of 4.33% compared to US$ 607.93 Billion during the same period in 2024. While December 2025 saw a slight year-on-year dip of 1.01% in total exports, the overall nine-month trajectory remains upward. Cumulative imports for the same period also grew by 4.95% to reach US$ 730.84 Billion, resulting in a total trade deficit of US$ 96.58 Billion.
Sectoral Performance Breakdown
Merchandise Exports: Cumulative value reached US$ 330.29 Billion, registering a 2.44% growth. In December alone, merchandise exports were US$ 38.51 Billion, driven by strong performances in Electronic Goods (16.78%) and Marine Products (11.73%).
Services Exports: Estimated at US$ 303.97 Billion for the April-December period, showing a robust growth of 6.46%. The services trade surplus for this period stood at US$ 151.74 Billion.
Non-Petroleum Growth: Non-petroleum exports for April-December 2025 were valued at US$ 288.16 Billion, an increase of 5.51% year-on-year.
High-Growth Categories: December 2025 saw exceptional export growth in Other Cereals (85.83%), Coffee (53.12%), and Iron Ore (50.02%).
Key Trade Partners and Destinations
Top Export Growth (April-Dec): The top five destinations exhibiting the highest positive growth in value were the USA (9.75%), China (36.68%), UAE, Spain, and Hong Kong.
Emerging Destinations: In December 2025, Malaysia (65.42%) and Spain (48.48%) showed significant jumps in export value.
Import Sources: China, USA, and Hong Kong remained the top sources of imports, with China (13.46%) and the USA (12.85%) showing consistent growth for the nine-month period.
What is the ‘Quick Estimates’ methodology in India’s trade data? It is a preliminary statistical reporting system used by the Ministry of Commerce to provide early insights into the nation’s trade performance for the preceding month. Because comprehensive data for all sectors (especially services) takes longer to finalize, these estimates rely on pro-rata revisions and early field-level data. For instance, while merchandise data is often final, services data for the most recent month is typically an estimation based on the previous month’s performance released by the RBI, ensuring that policymakers have high-frequency data for rapid decision-making.
Policy Relevance
The sustained growth in cumulative exports, despite global headwinds, underscores the effectiveness of India’s trade diversification and manufacturing-led export policies.
Strategic Impact for India:
Diversification as a Buffer: The strong growth in non-petroleum and non-gems and jewellery exports suggests that India’s export basket is becoming more resilient to global commodity price fluctuations.
Capitalizing on Global Demand: The significant increase in exports to major markets like the USA and China reflects India’s growing integration into key global supply chains.
Services Sector as a Stabilizer: The robust US$ 151.74 Billion services trade surplus continues to act as a vital buffer, helping to offset the merchandise trade deficit and stabilize the current account.
Strengthening Electronic Manufacturing: The 16.78% growth in electronic goods exports highlights the successful scaling of domestic manufacturing under the PLI and ‘Make in India’ initiatives.
Follow the full news here: India's Cumulative Exports Reach US$ 634.26 Billion in April-December 2025