India’s exports soar to record $824.9 billion in fy 2024–25, led by booming services sector

By: Team India Tracker

The month of March 2025 alone saw services exports surge 18.6 percent year-on-year to reach $35.6 billion

India has scaled a new peak in global trade, with total exports hitting an unprecedented $824.9 billion in the financial year 2024–25, according to the latest figures from the Reserve Bank of India. This marks a 6.01 percent increase over the previous year’s total of $778.1 billion, setting a fresh benchmark in the country’s export performance.

Driving this upward momentum was the services sector, which continued its robust growth to post a record $387.5 billion in exports, up 13.6 percent from $341.1 billion in FY 2023–24. The month of March 2025 alone saw services exports surge 18.6 percent year-on-year to reach $35.6 billion, compared to $30.0 billion in March 2024.

Source: Ministry of Commerce and Industry

Meanwhile, merchandise exports, excluding petroleum products, also broke new ground, rising 6.0 percent to $374.1 billion, up from $352.9 billion a year earlier. This marks the highest-ever annual non-petroleum merchandise export figure for the country, underscoring India’s broad-based export resilience across key sectors.

Exports of Tea (11.84 percent), Coffee (40.37 percent), Rice (19.73 percent), Tobacco (36.53 percent), Spices (4.78 percent), Fruits & vegetables (5.67 percent), Cereal preparations & miscellaneous processed items (8.71 percent), Marine products (0.45 percent), Meat, dairy & poultry products (12.57 percent), Mica, coal & other ores, minerals including processed minerals (6.95 percent), Leather and leather products (2.06 percent), Drugs and pharmaceuticals (9.39 percent), engineering goods (6.74 percent), Electronics goods (32.47 percent), Cotton yarn/fabs/makeups etc (3.19 percent), Man-made/ yarn/Fabs/made ups etc (4.07 percent), RMG of Textiles (10.03 percent), Jute Mfg. including Floor Covering (13.35 percent), Carpet (10.46 percent), and Plastic & Linoleum (10.23 percent) registered positive growth during FY 2024-25 over the previous FY 2023-24. 

The top five export destinations that recorded positive growth in value during the financial year 2024–25 (April to March) compared to the previous year were the United States (11.59 percent), the United Kingdom (12.08 percent), Japan (21.12 percent), the United Arab Emirates (2.84 percent), and France (11.42 percent).