In November 2025, the Ministry of Commerce and Industry announced that India's combined merchandise and services exports reached an impressive USD 491.8 billion in the first seven months of the Financial Year 2025-26, spanning from April to October 2025. This marks a 4.84% increase compared to the USD 469.11 billion recorded in the same period the previous year.
During this period, India's imports were estimated at USD 569.95 billion, with merchandise imports accounting for USD 451.08 billion and services imports at USD 118.87 billion. On the export front, merchandise exports were USD 254.25 billion while services exports reached USD 237.55 billion.
In terms of import sources, the top five countries were China, the United Arab Emirates, Hong Kong, Ireland, and the USA. Meanwhile, the USA, China, the UAE, Spain, and Hong Kong emerged as the top destinations for India's exports.
In October 2025 alone, India's imports totaled USD 94.70 billion, showing a significant 14.87% increase compared to October 2024. Merchandise imports were USD 76.06 billion, while services imports stood at USD 18.64 billion. Interestingly, the total exports for the month were USD 72.89 billion, indicating a slight decline of 0.68% from the previous year. Merchandise exports were USD 34.38 billion, and services exports were USD 38.51 billion.
Switzerland, Hong Kong, China, the UK, and the UAE were the top import sources, with Switzerland showing an astonishing growth of 403.67% compared to October 2024. On the export side, China, Spain, Sri Lanka, Vietnam, and Tanzania recorded significant growth, with China experiencing a 42.35% increase.
For the period from April to October 2025, India's merchandise exports increased to USD 254.25 billion, up from USD 252.66 billion during the same period in 2024. The import figures for merchandise also grew to USD 451.08 billion, compared to USD 424.06 billion in the previous year. Services exports were USD 237.55 billion, while services imports were USD 118.87 billion.
Overall, the total trade (merchandise and services combined) for April-October 2025 experienced growth, with exports amounting to USD 491.80 billion and imports at USD 569.95 billion, resulting in a trade balance of -USD 78.14 billion.
India's trade dynamics in FY 2025-26 showcase a robust increase in both exports and imports, highlighting the country's growing economic interactions on the global stage. While there are areas of growth, the trade balance remains a challenge, urging policymakers to continue focusing on strategies that boost exports and manage imports effectively.
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