Latest reading: In April, the trade balance was USD +4.5 billion, following a USD +5.9 billion figure in the prior...
Merchandise Exports in India
Merchandise exports were worth USD 437 billion in 2024 in India compared to USD 310 billion ten years earlier, and averaged USD 349 billion over the last decade. For more exports information, visit our dedicated page.
India Merchandise Exports Chart
Note: This chart displays Exports (USD billion) for India from 2014 to 2025.
Source: Macrobond.
India Merchandise Exports Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Merchandise Exports (USD bn) | 422 | 451 | 437 | 438 | 442 |
| Merchandise Exports (ann. var. %) | 44.6 | 6.9 | -3.1 | 0.1 | 0.9 |
Merchandise trade deficit increases in April
Latest reading: In April, the trade balance was USD -28.4 billion, following a USD -20.7 billion reading in the previous month. Over the last 12 months, the trade balance summed to USD -334.5 billion. Merchandise exports rose 13.8% in annual terms in April, coming on the back of a 7.4% fall in the previous month. Merchandise imports increased 10.0% in annual terms in April, coming on the back of a 6.2% fall in the previous month.
Outlook: In recent trade news, in mid-May, India said that it expected the U.S. to visit “soon”, possibly in June, to continue talks over a trade deal, which had been halted following the Supreme Court’s decision in February to strike down Trump’s reciprocal tariffs. The two countries are aiming for a interim pact before the U.S. introduces fresh tariffs under Section 301 of the 1974 Trade Act, with the necessary investigations that are being conducted by the U.S. authorities to introduce the levies due to be completed in the coming months. For now, U.S. tariffs on India sit at 10.0%—the same as in other countries subject to the country’s universal tariff.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Indian merchandise exports projections for the next ten years from a panel of 7 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable merchandise exports forecast available for Indian merchandise exports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Indian merchandise exports projections.
Want to get access to the full dataset of Indian merchandise exports forecasts? Send an email to info@focus-economics.com.
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