Latest reading: Merchandise exports increased 4.4% year-on-year in August (July: +7.2% year-on-year). The figure marked the softest expansion since February...
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 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 rebound in July; U.S. talks in focus
Latest reading: Merchandise exports rose 7.3% in annual terms in July, on the heels of June’s 0.1% decrease. Meanwhile, merchandise imports climbed 8.6% over the same month last year in July (June: -3.7% yoy). As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 27.4 billion deficit in July (June 2025: USD 18.8 billion deficit; July 2024: USD 24.8 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 290.4 billion deficit in July, compared to the USD 287.8 billion deficit in June.
Outlook: Key to the outlook for goods exports ahead will be trade talks with the U.S.; in early August, the U.S. hit India with an additional 25% tariff for buying Russian oil, bringing total levies up to 50%.
Panelist insight: On the impact of current U.S. tariffs, EIU analysts said: “We still believe that a bilateral trade agreement of some form will manifest in the months ahead, with complicated issues left for future discussions […]. If the 50% tariff on India remains in place for the rest of fiscal year 2025/26 (April-March), we believe that it will reduce GDP growth to 5.8%, from our current forecast of 6.2% (under the baseline 25% tariff rate).”
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.
Latest Global Trade News
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China: Merchandise exports increase in August -
Taiwan: Merchandise exports continue to surge in August Latest reading: Merchandise exports soared 34.1% over the same month last year in August, on the heels of July’s 42.0%... -
Korea: Merchandise exports rise at a slower rate in August Latest reading: Merchandise exports increased 1.3% year-on-year in August (July: +5.8% year-on-year). This was less than half market expectations, with... -
Philippines: Merchandise exports grow at a more moderate pace in July Latest reading: Merchandise exports jumped 17.3% in annual terms in July (June: +26.9% year-on-year). Meanwhile, merchandise imports expanded 2.3% on... -
Thailand: Merchandise exports growth slows in July Latest reading: Merchandise exports climbed 9.6% year on year in July, on the heels of June’s 16.0% upturn. The figure... -
Mexico: Merchandise exports rise at a more moderate rate in July Latest reading: Merchandise exports rose 4.0% annually in July (June: +10.6% year-on-year) on stronger sales of manufactured and mining goods.... -
Indonesia: Merchandise exports gain steam in June Latest reading: Merchandise exports shot up 13.1% in annual terms in June, on the heels of May’s 9.3% increase. Meanwhile,...