India’s exports rise 4.45% in April–Sept 2025; IMF upgrades growth forecast to 6.6%

Ziraat Times News Desk

New Delhi — India’s overall exports of goods and services recorded steady growth in the first half of the 2025–26 fiscal year, reaching US$ 413.30 billion between April and September 2025 — up 4.45% from US$ 395.71 billion during the same period last year, according to data released by the Ministry of Commerce and Industry.

Total imports during the period rose 3.55% to US$ 472.79 billion, narrowing the trade deficit slightly to US$ 59.48 billion, compared to US$ 60.87 billion a year earlier.

Merchandise Exports Show Moderate Growth

Merchandise exports stood at US$ 220.12 billion, reflecting a 3.02% rise from US$ 213.68 billion in April–September 2024. Imports of goods increased to US$ 375.11 billion from US$ 358.85 billion, resulting in a merchandise trade deficit of US$ 154.98 billion.

Non-petroleum exports, a key indicator of diversified trade growth, increased by 7.04%, reaching US$ 189.49 billion, compared to US$ 177.03 billion in the same period last year.

Major contributors to export growth in September 2025 included Electronic Goods, Petroleum Products, Engineering Goods, Rice, Marine Products, and Pharmaceuticals.

• Electronic Goods exports surged 50.54% to US$ 3.12 billion.

• Petroleum Products rose 15.22% to US$ 4.96 billion.

• Engineering Goods grew 2.93% to US$ 10.11 billion.

• Rice exports climbed 33.18% to US$ 0.92 billion, while Marine Products and Pharmaceuticals increased by 23.44% and 2.56%, respectively.

Services Exports Remain Robust

The estimated value of services exports for April–September 2025 stood at US$ 193.18 billion, up from US$ 182.03 billion in the same period of 2024, reflecting a growth of 6.12%.
Service imports were relatively stable at US$ 97.68 billion, resulting in a services trade surplus of US$ 95.50 billion, up from US$ 84.31 billion last year.

Monthly Trends: September 2025 Snapshot

For the month of September 2025, India’s total exports (merchandise and services combined) were estimated at US$ 67.20 billion, up 0.78% year-on-year. Total imports rose more sharply, by 11.34%, to US$ 83.82 billion, leading to a monthly trade deficit of US$ 16.61 billion.

Within merchandise trade, exports increased to US$ 36.38 billion, while imports rose to US$ 68.53 billion. Services exports were valued at US$ 30.82 billion, compared to US$ 32.60 billion in September 2024.

Top Trade Partners

Among export destinations, UAE, Spain, China, Bangladesh, and Egypt recorded strong growth in September 2025. Over the April–September period, the United States, UAE, China, Spain, and Hong Kong emerged as India’s top-performing markets.

On the import side, China, UAE, Ireland, USA, and Hong Kong remained the largest suppliers, with notable increases in trade volumes.

IMF Upgrades India’s Growth Outlook

In a significant boost to confidence, the International Monetary Fund (IMF), in its October 2025 World Economic Outlook update, upgraded India’s growth forecast to 6.6% for 2025, up from earlier projections. The forecast reflects strong first-quarter performance, which offset the impact of higher U.S. tariffs on Indian exports imposed earlier this year.

The IMF projects India’s GDP growth at 6.2% in 2026, reaffirming its position as one of the fastest-growing major economies globally.

Outlook

The Commerce Department said it will continue to collaborate with industry stakeholders to sustain trade momentum and ensure inclusive and sustainable economic growth. With robust performance in key export sectors and an improving global outlook, India remains a “bright spot” in the world economy, the Ministry stated.