India's total exports jump to record $825 bn in FY25 as services shipments rise over 13%

India’s exports of goods and services hit an all-time high of USD 825 billion in 2024-25, driven by a record surge in the shipments of services that reached USD 386.5 billion in the last fiscal despite global trade headwinds, according to the commerce ministry data. Following the release of March services exports data by the RBI, the country’s overall exports for 2024-25 have been revised to USD 824.9 billion from the earlier estimate of USD 820.93 billion, announced on April 15. Total exports were worth USD 778.13 billion in 2023-24. The data showed that services exports jumped to a record high of USD 387.5 billion in 2024-25, registering a robust 13.6 per cent growth over USD 341.1 billion in 2023-24.

In March, services shipments rose by 18.6 per cent to USD 35.6 billion compared to USD 30 billion in March 2024.

The main sectors which contributed to the growth in exports included telecommunication, computer and information services; transport; travel; and financial services.

“According to the latest release, India’s total exports touched a historic USD 824.9 billion in 2024-25, growing by 6.01 per cent over the previous year’s USD 778.1 billion,” a ministry release stated.

Commenting on the data, Federation of Indian Export Organisations (FIEO) SC Ralhan the data shows the resilience of exporters.. However, he said that “as of today, the inflow of orders is not goods from the US and Europe. The US importers are waiting for the trade agreement and this can affect our exports, he said adding the government should immediately announce an interest subvention scheme for exporters.

Ralhan said that interest rates are high in the country and to become competitive in the global markets, “we need a minimum 5 per cent subvention”.