India's exports see steady growth; non-petroleum shipments jump nearly 4% in April-October 2025

India’s exports continued to hold their ground in the first seven months of FY2025, with both merchandise and services maintaining momentum despite an uncertain global climate. Ministry of Commerce data shows total exports between April and October rising to USD 491.80 billion from USD 469.11 billion a year ago - a 4.84 per cent increase that reflects sustained demand across major sectors.

A major driver of this momentum has been non-petroleum exports, which touched USD 219.90 billion in April–October 2025, compared with USD 211.60 billion a year earlier. Officials said the expansion reflects a broader strengthening of India’s export ecosystem, with more diversified product categories contributing to growth.

What powered India’s export rise this year?

Add Zee Business as a Preferred Source

Despite a slight moderation in October, several high-value categories recorded strong year-on-year gains. Electronics led the way with exports rising 19.05 per cent to USD 4.08 billion. Shipments of meat, dairy and poultry products climbed nearly 31 per cent, while marine products rose more than 11 per cent.

Cashew exports registered one of the sharpest jumps, more than doubling to USD 0.06 billion. Coffee exports also grew 10.91 per cent. The robust performance of these categories highlights the ongoing diversification in India’s merchandise export basket, supported by improved market access and firm overseas demand.

However, October’s combined merchandise and services exports eased slightly to USD 72.89 billion, compared with USD 73.39 billion last year. The dip, officials said, was offset by sustained strength in the services sector, which continues to post 9–10 per cent growth.

Trade deficit widens on surge in bullion imports

India’s October trade deficit widened sharply to USD 21.80 billion, more than double the USD 9.05 billion recorded a year ago. The jump was driven largely by a surge in bullion inflows. Gold imports shot up to USD 8.9 billion, while silver imports rose to USD 2.72 billion.

Ministry of Commerce officials noted that USD 10–12 billion of the deficit expansion can be attributed to these higher imports alone. Apart from bullion, other categories showed regular consumption and manufacturing-related demand.

Underlying strength remains intact despite global headwinds

Exports to the United States stayed positive for most of the April–October period, although some sectors affected by reciprocal tariffs reported weaker performance in October. Officials said India’s export momentum is likely to remain steady in the coming months, supported by resilient services, diversification in merchandise categories and policy measures aimed at enhancing competitiveness.

The first two quarters of FY2025 recorded the highest export levels for any comparable period, reinforcing confidence in India’s trade trajectory as global demand stabilises.