India’s export growth holds firm as non-petroleum shipments rise nearly 4% in April-October FY2025

India’s export performance remained steady in the first seven months of FY2025, underscoring resilience even as global markets continue to grapple with economic uncertainty. Fresh data from the Commerce Ministry shows that combined merchandise and services exports reached USD 491.80 billion between April and October 2025, marking a 4.84 per cent increase over the same period last year.

A key driver of this momentum has been the sustained rise in non-petroleum exports, which grew 3.92 per cent to USD 219.90 billion. Officials attribute this uptick to strong global demand for Indian electronics, food and marine goods, including smartphones, semiconductor components, spices, processed foods, frozen shrimp and value-added seafood products. Additional support has come from government schemes such as the PLI(Production Linked Incentive) programme, improved port efficiency, and wider penetration into markets across West Asia, Africa and Latin America. Better compliance with global quality norms has also helped Indian exporters expand their reach.

While non-petroleum exports grew, India’s petroleum exports earned less money even though the country shipped slightly more fuel. Data from the Petroleum Planning and Analysis Cell (PPAC) shows that export volumes rose about 3-4 per cent, but the value of exports fell nearly 7 per cent. This happened because global prices of diesel, petrol, and aviation turbine fuel (ATF) were lower, demand in key markets like Europe and Africa weakened, and refining profit margins declined. In short, India exported more fuel, but earned less from it.

In October 2025, several high-value sectors recorded strong year-on-year growth. Electronic goods rose 19 per cent, while meat, dairy and poultry products jumped 31 per cent. Marine products grew 11 per cent, cashew exports surged nearly 127 per cent, and coffee shipments expanded by 11 per cent, signalling deeper diversification in India’s export basket.

However, the month also saw a contrasting trend on the import side. While exports moderated slightly to USD 72.89 billion, imports surged sharply to USD 94.70 billion, compared to USD 82.44 billion in October 2024. This rise was driven mainly by a spike in bullion inflows, gold imports soared to USD 8.9 billion, and silver imports climbed to USD 2.72 billion. The jump in precious metal purchases widened India’s trade deficit to USD 21.80 billion, more than double last year’s USD 9.05 billion, with officials noting that USD 10-12 billion of the deficit expansion is directly linked to higher gold and silver imports.

Despite this temporary imbalance, India’s services sector continues to be a key stabiliser, maintaining 9-10 per cent growth. Both the first and second quarters of FY2025 registered record export levels, reinforcing India’s strong performance in the global services market.

Exports to the United States remained positive overall, although sectors affected by reciprocal tariffs reported softer growth in October. Even so, the Commerce Ministry expects export momentum to remain stable, supported by robust services activity, expanding market access and ongoing diversification across merchandise categories.

With non-petroleum sectors showing healthy traction and key industries sustaining strong demand, India’s trade outlook for the remainder of FY2025 remains broadly positive.