The cumulative value of merchandise exports during April-September 2025 was US$ 220.12 Billion, as compared to US$ 213.68 Billion during April-September 2024, registering a positive growth of 3.02%.

India’s total exports (Merchandise and Services combined) for September 2025* is estimated at US$ 67.20 Billion, registering a positive growth of 0.78 percent vis-à-vis September 2024. Total imports (Merchandise and Services combined) for September 2025* is estimated at US$ 83.82 Billion, registering a positive growth of 11.34 percent vis-à-vis September 2024.

Table 1: Trade during September 2025*

* Note: The latest data for services sector released by RBI is for August 2025. The data for September 2025 is an estimation. (ii) Data for April-September 2024 and April-June 2025 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Total Trade during September 2025*

• India’s total exports during April-September 2025* is estimated at US$ 413.30 Billion registering a positive growth of 4.45 percent. Total imports during April-September 2025* is estimated at US$ 472.79 Billion registering a growth of 3.55 percent.

Table 2: Trade during April-September 2025*

Fig 2: Total Trade during April-September 2025*           

MERCHANDISE TRADE

• Merchandise exports during September 2025 were US$ 36.38 Billion as compared to US$ 34.08 Billion in September 2024.
• Merchandise imports during September 2025 were US$ 68.53 Billion as compared to US$ 58.74 Billion in September 2024.

Fig 3: Merchandise Trade during September 2025

• Merchandise exports during April-September 2025 were US$ 220.12 Billion as compared to US$ 213.68 Billion during April-September 2024.
• Merchandise imports during April-September 2025 were US$ 375.11 Billion as compared to US$ 358.85 Billion during April-September 2024.
• Merchandise trade deficit during April-September 2025 was US$ 154.98 Billion as compared to US$ 145.18 Billion during April-September 2024.

Fig 4: Merchandise Trade during April-September 2025

• Non-petroleum and non-gems & jewellery exports in September 2025 were US$ 28.59 Billion compared to US$ 26.95 Billion in September 2024.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in September 2025 were US$ 41.77 Billion compared to US$ 36.96 Billion in September 2024.

Table 3: Trade excluding Petroleum and Gems & Jewellery during September 2025

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

 

Fig 5: Trade excluding Petroleum and Gems & Jewellery during September 2025

• Non-petroleum and non-gems & jewellery exports in April-September 2025 were US$ 175.29 Billion, compared to US$ 163.09 Billion in April-September 2024.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-September 2025 were US$ 243.58 Billion, compared to US$ 224.97 Billion in April-September 2024.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-September 2025

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-September 2025

SERVICES TRADE

• The estimated value of services export for September 2025* is US$ 30.82 Billion as compared to US$ 32.60 Billion in September 2024.
• The estimated value of services imports for September 2025* is US$ 15.29 Billion as compared to US$ 16.54 Billion in September 2024.

Fig 7: Services Trade during September 2025*

• The estimated value of service exports during April-September 2025* is US$ 193.18 Billion as compared to US$ 182.03 Billion in April-September 2024.
• The estimated value of service imports during April-September 2025* is US$ 97.68 Billion as compared to US$ 97.73 Billion in April-September 2024.
• The services trade surplus for April-September 2025* is US$ 95.50 Billion as compared to US$ 84.31 Billion in April-September 2024.

Fig 8: Services Trade during April-September 2025*

• Exports of  Cashew (106.41%), Other Cereals  (58.19%), Iron Ore (52.25%), Electronic Goods (50.54%), Rice (33.18%), Meat, Dairy & Poultry Products (32.3%), Marine Products (23.44%), Tea (22.07%), Petroleum Products (15.22%), Mica, Coal & Other Ores, Minerals Including Processed Minerals (9.96%), Fruits & Vegetables (7.36%), Cereal Preparations & Miscellaneous Processed Items (4.12%), Engineering Goods (2.93%), Drugs & Pharmaceuticals (2.56%), Organic & Inorganic Chemicals (1.76%), Ceramic Products & Glassware (0.42%) and Gems & Jewellery (0.4%) record positive growth during September 2025 over the corresponding month of last year.
• Imports of Pulses (-55.11%), Newsprint (-17.74%), Dyeing/Tanning/Colouring Mtrls. (-16.59%), Coal, Coke & Briquettes, Etc. (-16.4%), Iron & Steel (-7.59%), Petroleum, Crude & Products (-5.85%), Pulp And Waste Paper (-5.26%), Wood &  Wood Products (-5.2%) and Organic & Inorganic Chemicals (-3.97%) record negative growth during September 2025 over the corresponding month of last year.
• Services exports is estimated to grow by 6.12 percent during April-September 2025* over April-September 2024.
• Top 5 export destinations, in terms of change in value, exhibiting positive growth in September 2025 vis a vis September 2024 are UAE (24.33%), Spain (150.81%), China (34.18%), Bangladesh (23.06%) and Egypt (67.29%).
• Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-September 2025 vis a vis April-September 2024 are USA (13.37%), UAE (9.39%), China (21.96%), Spain (40.33%) and Hong Kong (23.53%).
• Top 5 import sources, in terms of change in value, exhibiting growth in September 2025 vis a vis September 2024 are Switzerland (254.57%), UAE (32.83%), China (16.35%), Saudi Arab (18.86%) and Nigeria (896.11%).
• Top 5 import sources, in terms of change in value, exhibiting growth in April-September 2025 vis a vis April-September 2024 are China (11.25%), UAE (13.22%), Ireland (200.09%), USA (9.03%) and Hong Kong (19.99%).

Department of Commerce acknowledges the latest growth projections for India as published in the October 2025 update of the International Monetary Fund’s World Economic Outlook (WEO).

India’s GDP growth is now projected to reach 6.6 percent in 2025, followed by 6.2 percent in 2026. This represents an upward revision for 2025 compared to the July WEO update, driven by strong performance in the first quarter of the fiscal year. As per the IMF WEO update, the positive momentum has more than offset the impact of the increase in the United States’ effective tariff rate on Indian imports since July.

India continues to be a bright spot in the global economy and the Department of Commerce will work in close coordination with concerned stakeholders to sustain this momentum and ensure inclusive, sustainable growth.

Link for quick estimates