India’s export performance from 2013-14 to 2025-26
India’s total exports of merchandise and services have been estimated at US$ 860.09 billion during FY 2025–26 (April–March), marking a growth of 4.22% compared to US$ 825.26 billion in the previous financial year according to the latest official trade estimates released by the government.
The growth, it is opined, reflects a steady performance across both goods and services exports despite global economic uncertainties and fluctuating demand conditions in key international markets.
Stable Merchandise Exports Growth
India’s merchandise exports stood at US$ 441.78 billion in FY 2025–26 compared to US$ 437.70 billion in FY 2024–25, registering a modest growth of 0.93%.
Key contributors to export growth included:
- Petroleum products;
- Engineering goods;
- Minerals, cereals, and;
- Handicrafts.
It is pointed out, Petroleum products alone saw an increase of 5.88% during March 2026 compared to the same period last year, while engineering goods continued to remain one of the largest export segments.
Non-petroleum exports also showed healthy growth reaching US$ 387.88 billion, reflecting diversification in India’s export basket.
Services Sector Continuing as the Major Driver of overall Exports
The services sector has continued to be the major driver of overall export growth, rising to US$ 418.31 billion in FY 2025–26 compared to US$ 387.55 billion in FY 2024–25, reflecting a growth of 7.94%.
Strong performance in IT services, business consulting, and digital transformation solutions continued to support India’s position as a global services hub. The services trade surplus also expanded significantly during the year.
Rise in Trade Imports
On the Import side, total imports increased to US$ 979.40 billion compared to US$ 919.92 billion in the previous year, a fall by -6.07 %, indicating higher demand for raw materials, energy products, and intermediate goods.
Merchandise imports alone rose to US$ 774.98 billion, Services imports recording moderate growth.
Sectoral Highlights during 2025-26
Several sectors recorded notable Export growth during March 2026, including:
- Other cereals: +108.23%
- Mica, coal and minerals: +11.27%
- Handicrafts (excluding handmade carpet): +8.51%
- Petroleum products: +5.88%
- Engineering goods: +1.13%
However, some categories such as textiles, iron & steel, and chemicals witnessed decline in Import demand.
India’s Trade Balance Position
India’s overall trade deficit widened to US$ 119.30 billion in FY 2025–26, compared to US$ 94.66 billion in the previous fiscal year, largely due to higher import growth in energy and non-energy commodities.
Global Trade Linkages during 2025-26
India’s export performance was supported by strong demand from countries such as Singapore, Malaysia, China, and Sri Lanka, while imports increased significantly from China, the United States, and Thailand.
A focus on the Export Performance during 2024-25
A look at India’s Export Performance during 2024-25 indicates that the country had witnessed record export performance during 2025, landmark free trade agreements, and an accelerated digital trade push.
India’s overall exports had reached an all-time high of USD 825.25 billion in 2024-25, representing a 6.05% rise over the previous year. Services exports were USD 387.54 billion, with substantial growth in rice, pharmaceuticals, marine products, engineering goods, and electronics.
It is noteworthy that, to support exporters, the government has improved digital infrastructure with platforms like the Trade Connect e-Platform and the Trade Intelligence and Analytics portal, which provide real-time market access and simplified trade services.
2024-25, A Year of Trade Diplomacy
On the global front, India had signed three significant trade agreements in 2025, including ones with the United Kingdom, Oman, and New Zealand, while still negotiating with several other partners. India also signed a series of major trade agreements in 2025 expanding its partnerships across Europe, the Gulf, Latin America and Central Asia.
A major milestone was the India–EFTA Trade and Economic Partnership Agreement, which took effect on October 1, 2025. The EFTA bloc includes Switzerland, Norway, Iceland and Liechtenstein.
India strengthened its economic footprint in the Gulf by signing a Comprehensive Economic Partnership Agreement (CEPA) with Oman in December 2025.
India also expanded discussions in Latin America. On April 1, 2025, India and Chile launched negotiations for a Comprehensive Economic Partnership Agreement (CEPA).
India is also deepening its ties with Kyrgyzstan, a key partner in Central Asia.
Together, these agreements and negotiations reflect India’s broader strategy to:
- Diversify markets;
- Secure new investments, and;
- Reduce dependence on a few trading partners.
Trade analysts have noted that 2025 had been one of India’s most active years in economic diplomacy.
Role played by Startup Ecosystem
Domestically, the Startup ecosystem had surpassed two lakh recognised Startups, creating over 21 lakh jobs and enhancing India’s global innovation position.
Role played by Business Reforms
Business reforms also played an important role with tens of thousands of compliances removed and project clearances accelerated. Digital commerce also grew significantly with ONDC (Open Network for Digital Commerce) processing millions of orders and increasing market access for small dealers.
Epilogue
Despite global uncertainties, India’s export sector has continued to show resilience, driven by strong services growth and steady manufacturing performance. Policymakers also remain focused on:
- Improving export competitiveness;
- Diversifying markets, and;
- Strengthening supply chains to sustain long-term trade expansion.
India’s exports have seen a historic rise, reaching US$ 860.09 billion in 2025-26. This marks a 84.5% increase from USD 466.22 billion in 2013-14.
Overall, while Merchandise exports have grown from USD 314 billion in 2013-14 to US$ 441.78 billion in 2025-26, a 40.7 % increase, Service exports have expanded from USD 152 billion in 2013-14 to US$ 418.31 billion in 2025-26, a 175.20 % increase, fuelled by the rise of IT, financial, and business services.
The overall growth of Exports during the last 11 years thus reflects India’s expanding role in the global trade driven by strong performance in both merchandise and services exports.
Disclaimer
Views expressed above are the author’s own.
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