Date: 2026-01-15Category: Press ReleaseState: Union GovernmentCountry: India
The cumulative exports (merchandise & services) during April-December 2025 is estimated at US$ 634.26 Billion, as compared to US$ 607.93 Billion in April-December 2024, an estimated growth of 4.33%.
**Executive Summary**
This report provides an overview of India's trade performance during April-December 2025, with comparisons to the same period in 2024. It covers merchandise and services exports and imports, along with details on non-petroleum and non-gems & jewelry trade. Data for December 2025 is an estimation with services sector data updated until November 2025.
**Key Points / Main Content**
**Overall Trade (April-December 2025):**
* Total exports (merchandise & services) are estimated at US$ 634.26 Billion, a 4.33% growth compared to April-December 2024 (US$ 607.93 Billion).
* Total imports are estimated at US$ 730.84 Billion, a 4.95% growth compared to April-December 2024 (US$ 696.37 Billion).
**Merchandise Trade (April-December 2025):**
* Merchandise exports reached US$ 330.29 Billion, a 2.44% increase compared to April-December 2024 (US$ 322.41 Billion).
* Merchandise imports amounted to US$ 578.61 Billion, compared to US$ 546.36 Billion in April-December 2024.
* Merchandise trade deficit was US$ 248.32 Billion, compared to US$ 223.96 Billion in April-December 2024.
**Key Export Drivers (December 2025):**
* Significant growth sectors include Electronic Goods, Meat, dairy & poultry products, Drugs & Pharmaceuticals, Engineering Goods, and Marine Products.
* Specific increases: Electronic Goods (16.78%), Meat, dairy & poultry (30.16%), Drugs & Pharmaceuticals (5.65%), Engineering Goods (1.28%), and Marine Products (11.73%).
**Non-Petroleum and Non-Gems & Jewelry Trade (April-December 2025):**
* Exports in this category reached US$ 266.94 Billion, an increase compared to US$ 251.73 Billion in April-December 2024.
* Imports were US$ 371.93 Billion, compared to US$ 339.67 Billion in April-December 2024.
**Services Trade (April-December 2025):**
* Service exports are estimated at US$ 303.97 Billion, compared to US$ 285.53 Billion in April-December 2024.
* Service imports are estimated at US$ 152.23 Billion, compared to US$ 150.01 Billion in April-December 2024.
* The services trade surplus is US$ 151.74 Billion, compared to US$ 135.52 Billion in April-December 2024.
**Top Trade Partners (April-December 2025):**
* Leading export destinations showing positive growth include the USA, China, UAE, Spain, and Hong Kong.
* Leading import sources showing positive growth include China, USA, Hong Kong, UAE and Ireland.
**Impact Analysis**
**Government of India (Ministry of Commerce & Industry):**
* **Impact:** Informed about the current trade performance, trends, and areas of growth and concern.
* **Action Required:** Use the data to formulate and adjust trade policies, identify priority sectors for export promotion, and address import-related challenges.
**Exporters and Importers:**
* **Impact:** Provided with market intelligence regarding export and import trends, including product categories and key destinations/sources.
* **Action Required:** Adjust business strategies based on the data, focusing on high-growth sectors and regions, and addressing potential risks identified in the report.
**Policy Makers/Economists:**
* **Impact:** Insight into the country's overall economic health based on the trade performance.
* **Action Required:** Use this information to advise the government on overall economic policy and forecasting.
Key Entities Referenced
Ministry of Commerce & Industry: The Indian government ministry responsible for formulating and implementing policies related to foreign trade and commerce.
Reserve Bank of India (RBI): The central bank of India, responsible for monetary policy and financial regulation.
Ministry of Commerce & Industry
The cumulative exports (merchandise & services)
during April-December 2025 is estimated at US$
634.26 Billion, as compared to US$ 607.93 Billion
in April-December 2024, an estimated growth of
4.33%.
The cumulative value of merchandise exports during April-
December 2025 was US$ 330.29 Billion, as compared to US$
322.41 Billion during April-December 2024, registering a
positive growth of 2.44%.
The cumulative Non-Petroleum exports in April-December
2025 valued at US$ 288.16 Billion registered an increase of
5.51% as compared to US$ 273.12 Billion in April-December
2024.
Major drivers of merchandise exports growth in December
2025 include Electronic Goods, Meat, dairy & poultry
products, Drugs & Pharmaceuticals, Engineering Goods and
Marine Products.
Electronic Goods exports increased by 16.78 % from US$
3.57 Billion in December 2024 to US$ 4.17 Billion in
December 2025.
Meat, dairy & poultry products exports increased by 30.16 %
from US$ 0.51 Billion in December 2024 to US$ 0.66 Billion in
December 2025.
Drugs & Pharmaceuticals exports increased by 5.65 % from
US$ 2.49 Billion in December 2024 to US$ 2.63 Billion in
December 2025.
Engineering Goods exports increased by 1.28 % from US$
10.84 Billion in December 2024 to US$ 10.98 Billion inDecember 2025.
Marine Products exports increased by 11.73 % from US$ 0.72
Billion in December 2024 to US$ 0.81 Billion in December
2025.
Posted On: 15 JAN 2026 5:39PM by PIB Delhi
India’s total exports (Merchandise and Services combined) for December 2025* is estimated at US$ 74.01
Billion, registering a negative growth of (-)1.01 percent vis-à-vis December 2024. Total imports
(Merchandise and Services combined) for December 2025* is estimated at US$ 80.94 Billion, registering
a positive growth of 6.17 percent vis-à-vis December 2024.
Table 1: Trade during December 2025*
December 2025 December 2024
(US$ Billion) (US$ Billion)
Merchandise Exports 38.51 37.80
Imports 63.55 58.43
Services* Exports 35.50 36.97
Imports 17.38 17.80
Total Trade Exports 74.01 74.77
(Merchandise +Services) *
Imports 80.94 76.23
Trade Balance -6.92 -1.46
* Note: The latest data for services sector released by RBI is for November 2025. The data for December
2025 is an estimation. (ii) Data for April-December 2024 and April-September 2025 has been revised on
pro-rata basis using quarterly balance of payments data.
Fig 1: Total Trade during December 2025*
India’s total exports during April-December 2025* is estimated at US$ 634.26 Billion registering a
positive growth of 4.33 percent. Total imports during April-December 2025* is estimated at US$ 730.84Billion registering a growth of 4.95 percent.
Table 2: Trade during April-December 2025*
April-December 2025 April-December 2024
(US$ Billion) (US$ Billion)
Merchandise Exports 330.29 322.41
Imports 578.61 546.36
Services* Exports 303.97 285.53
Imports 152.23 150.01
Total Trade Exports 634.26 607.93
(Merchandise +Services) *
Imports 730.84 696.37
Trade Balance -96.58 -88.43
Fig 2: Total Trade during April-December 2025*
MERCHANDISE TRADE
Merchandise exports during December 2025 were US$ 38.51 Billion as compared to US$ 37.80
Billion in December 2024.
Merchandise imports during December 2025 were US$ 63.55 Billion as compared to US$ 58.43
Billion in December 2024.
Fig 3: Merchandise Trade during December 2025Merchandise exports during April-December 2025 were US$ 330.29 Billion as compared to US$ 322.41
Billion during April-December 2024.
Merchandise imports during April-December 2025 were US$ 578.61 Billion as compared to US$ 546.36
Billion during April-December 2024.
Merchandise trade deficit during April-December 2025 was US$ 248.32 Billion as compared to US$
223.96 Billion during April-December 2024.
Fig 4: Merchandise Trade during April-December 2025
Non-petroleum and non-gems & jewellery exports in December 2025 were US$ 32.02 Billion compared
to US$ 30.96 Billion in December 2024.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in December 2025 were
US$ 42.72 Billion compared to US$ 38.44 Billion in December 2024.
Table 3: Trade excluding Petroleum and Gems & Jewellery during December 2025
December 2025 December 2024
(US$ Billion) (US$ Billion)
Non- petroleum exports 34.11 33.09
Non- petroleum imports 49.15 44.84
Non-petroleum & Non-Gems & Jewellery exports 32.02 30.96
Non-petroleum & Non-Gems & Jewellery imports 42.72 38.44
Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones
Fig 5: Trade excluding Petroleum and Gems & Jewellery during December 2025
Non-petroleum and non-gems & jewellery exports in April-December 2025 were US$ 266.94 Billion,
compared to US$ 251.73 Billion in April-December 2024.Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-December 2025
were US$ 371.93 Billion, compared to US$ 339.67 Billion in April-December 2024.
Table 4: Trade excluding Petroleum and Gems & Jewellery during April-December 2025
April-December 2025 April-December 2024
(US$ Billion) (US$ Billion)
Non- petroleum exports 288.16 273.12
Non- petroleum imports 443.18 404.92
Non-petroleum & Non Gems & Jewellery 266.94 251.73
exports
Non-petroleum & Non Gems & Jewellery 371.93 339.67
imports
Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones
Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-December 2025
SERVICES TRADE
The estimated value of services export for December 2025* is US$ 35.50 Billion as compared to US$
36.97 Billion in December 2024.
The estimated value of services imports for December 2025* is US$ 17.38 Billion as compared to US$
17.80 Billion in December 2024.
Fig 7: Services Trade during December 2025*
The estimated value of service exports during April-December 2025* is US$ 303.97 Billion as compared
to US$ 285.53 Billion in April-December 2024.The estimated value of service imports during April-December 2025* is US$ 152.23 Billion as compared
to US$ 150.01 Billion in April-December 2024.
The services trade surplus for April-December 2025* is US$ 151.74 Billion as compared to US$ 135.52
Billion in April-December 2024.
Fig 8: Services Trade during April-December 2025*
Exports of Other Cereals (85.83%), Coffee (53.12%), Iron Ore (50.02%), Meat, Dairy & Poultry
Products (30.16%), Tobacco (17.15%), Electronic Goods (16.78%), Mica, Coal & Other Ores, Minerals
Including Processed Minerals (12.07%), Marine Products (11.73%), Handicrafts Excl. Hand Made Carpet
(7.2%), Drugs & Pharmaceuticals (5.65%), Tea (5.39%), Man-Made Yarn/Fabs./Made-Ups Etc. (3.99%),
Cereal Preparations & Miscellaneous Processed Items (3.61%), Rmg Of All Textiles (2.89%), Spices
(1.54%), Engineering Goods (1.28%) and Organic & Inorganic Chemicals (1.08%) record positive growth
during December 2025 over the corresponding month of last year.
Imports of Gold (-12.08%), Leather & Leather Products (-8.93%), Wood & Wood Products (-8.82%),
Transport Equipment (-7.11%), Chemical Material & Products (-6.23%), Iron & Steel (-4.48%), Textile
Yarn Fabric, Made-Up Articles (-2.92%), Pulses (-2.87%), Organic & Inorganic Chemicals (-2.3%),
Machine Tools (-1.42%) and Artificial Resins, Plastic Materials, Etc. (-1.22%) record negative growth
during December 2025 over the corresponding month of last year.
Services exports is estimated to grow by 6.46 percent during April-December 2025* over April-December
2024.
Top 5 export destinations, in terms of change in value, exhibiting positive growth in December 2025 vis a
vis December 2024 are China P Rp (67.35%), U Arab Emts (14.94%), Malaysia (65.42%), Hong Kong
(61.28%) and Spain (48.48%).
Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-December 2025
vis a vis April-December 2024 are U S A (9.75%), China P Rp (36.68%), U Arab Emts (7.49%), Spain
(53.33%) and Hong Kong (25.75%).
Top 5 import sources, in terms of change in value, exhibiting growth in December 2025 vis a vis
December 2024 are China P Rp (20.01%), Saudi Arab (28.85%), Brazil (95.62%), Peru (59.08%), and
Chile (116.35%).
Top 5 import sources, in terms of change in value, exhibiting growth in April-December 2025 vis a vis
April-December 2024 are China P Rp (13.46%), U S A (12.85%), Hong Kong (29.28%), U Arab Emts
(8.26%) and Ireland (103.06%).
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Abhishek Dayal/Anushka Pandey
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