India’s exports reach $820 bn in FY 2024-25: Commerce Ministry

The country’s goods and services exports have crossed $820 billion in 2024-25, marking a nearly 6 per cent increase over the previous fiscal year despite global economic uncertainties, the commerce ministry said on Wednesday. The exports stood at $778 billion in 2023-24. The commerce ministry informed exporters about the figure during a meeting called to deliberate on the opportunities arising out of the current situation and to apprise the industry about the steps being taken by the government to deal with it. Commerce and Industry Minister Piyush Goyal held the discussions with the export promotion councils and industry bodies in the light of the imposition of high tariffs by the US.

Exports are in the negative for the fourth month in a row in February due to global economic uncertainties. India’s merchandise exports stood at $395.63 billion during April-February 2024-25 as against $395.38 billion in the same period last year. The estimated value of service exports during April-February 2024-25 is $354.90 billion as compared to $311.05 billion in April-February 2023-24. The detailed data for 2024-25 for exports and imports will be released by the commerce ministry on April 15.

The exports have registered growth despite multiple headwinds, include ng the Red Sea crisis, Israel-Hamas conflict spilling over to the Gulf region, continuation of the Russia-Ukraine conflict, and slow growth in some developed economies.

Various export promotion councils, representing different sectors, presented their views and outlook in light of the emerging challenges in global trade and requested the government to take proactive measures to support the export industry in these challenging times.