India

India Merchandise Exports

India Merchandise Exports

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 310 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 2018 to 2024.
Source: Macrobond.

India Merchandise Exports Data

2020 2021 2022 2023 2024
Merchandise Exports (USD bn) 292 422 451 437 437
Merchandise Exports (ann. var. %) -6.9 44.6 6.9 -3.1 0.1

Merchandise exports drop in May

Latest reading: Merchandise exports decreased 2.2% annually in May, contrasting April’s 9.0% increase. Meanwhile, merchandise imports fell 1.7% over the same month last year in May (April: +19.1% yoy). As a result, the merchandise trade balance improved from the previous month, recording a USD 21.9 billion deficit in May (April 2025: USD 26.4 billion deficit; May 2024: USD 22.1 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 289.9 billion deficit in May, compared to the USD 290.1 billion deficit in April.

Outlook: Our panelists continue to expect India’s merchandise exports to grow fairly weakly in 2025, largely as a result of U.S. tariffs stifling external demand. The Indian government continues to seek an agreement with its U.S. counterpart to avoid tariffs rising to 26% from 10% on 9 July.

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 9 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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