India's Exports Soar to Record $820.93 Billion in FY25 Despite Global Challenges

India's total exports of goods and services reached a record $820.93 billion in the financial year ending March 31, marking a 5.5% increase from $773 billion the previous year, as reported by Commerce Secretary Sunil Barthwal. This growth occurred despite global economic uncertainties and trade tensions.

DD News

Merchandise exports totaled $437.4 billion, and non-petroleum exports saw a 6% year-on-year rise, reaching $374.08 billion in FY25.

However, India’s trade deficit widened to $21.54 billion in March, up from $14.05 billion in February, according to data from the Ministry of Commerce and Industry. Merchandise exports grew slightly by 0.7% to $41.97 billion during the month, while imports surged by 11.3% to $63.51 billion, resulting in the larger trade gap.

March exports were up 13.75% compared to February, while imports grew by 24.6%.

These changes come amid escalating global market tensions, particularly after the US raised tariffs on several imports. India is in discussions with the United States to finalize a bilateral trade agreement, with the US agreeing to pause tariff hikes for 90 days.

Official sources indicate that the first phase of the agreement is expected to be concluded within this period. The terms of reference have already been finalized, and most negotiations are taking place through video conferences. If necessary, Indian officials may travel to Washington, or US officials may visit New Delhi.

Authorities are also on alert to prevent any misuse of trade routes. Close monitoring is in place to ensure that other countries do not use India as a way to bypass US tariffs. Likewise, the Central Board of Indirect Taxes and Customs (CBIC) has been directed to ensure that Indian exporters do not reroute goods through third countries.

Officials stressed that India remains a reliable trade partner of the US, and any attempts at circumvention could damage this relationship.

Addressing journalists last week, Commerce and Industry Minister Piyush Goyal described the ongoing trade talks with the US as “very good.” He emphasized that India presents a compelling case for a trade agreement, citing its robust economic potential and demographic advantages.

“Considering the growth trajectory India is expected to follow over the next 25–30 years, with a young, aspirational population driving demand, we believe India presents a compelling case for a strong bilateral trade agreement with the United States,” Goyal mentioned during a press conference.

(This Article was originally published by DD News)