India’s Exports Rise 5.19% to $346.10 Billion Amid Global Uncertainty

India’s total exports of goods and services grew by 5.19 per cent to $346.10 billion during April–August, up from $329.03 billion in the same period last year, according to an official statement issued on Tuesday. The increase came despite global economic uncertainties triggered by US tariff hikes.

Goods accounted for 53.09 per cent of total exports, while services contributed 46.91 per cent during the five-month period. The statement highlighted that India’s trade performance has continued its growth trajectory in the first half of the financial year, reflecting resilience in export sectors.

According to World Bank data, while global exports are growing at 2.5 per cent, India’s exports expanded at 7.1 per cent in 2024, outpacing global trends. The share of exports in India’s GDP also rose from 19.8 per cent in 2015 to 21.2 per cent in 2024, underlining the growing importance of exports in the national economy.

The government has set a target of achieving $1 trillion in exports for the current fiscal year, of which 34.61 per cent has already been realized in the first five months. Merchandise exports alone rose by 2.31 per cent to $183.74 billion from $179.60 billion recorded in the same period last year.

Non-petroleum and non-gems and jewellery exports registered a 7.76 per cent increase, reaching $146.70 billion compared to $136.13 billion in the previous year. This growth was primarily driven by engineering goods, electronics, pharmaceuticals, chemicals, and related sectors.

Electronic goods led the surge, recording 40.63 per cent growth with an increase of $5.51 billion over the same period last year. Over the past decade, production of electronic goods has grown sixfold, while exports have increased eightfold, supported by the Make in India and Production Linked Incentive (PLI) schemes.

Smartphones continued to drive the sector, with exports crossing ₹1 lakh crore within the first five months of the fiscal year, marking a 55 per cent rise over the previous year.

Engineering goods exports grew by 5.86 per cent to $49.24 billion from $46.52 billion, with key markets including the US, UAE, Germany, the UK, and Saudi Arabia. The government continues to support the sector through schemes like the Zero Duty Export Promotion Capital Goods (EPCG) and Market Access Initiative (MAI).

Pharmaceutical exports rose by 7.3 per cent to $12.76 billion, driven by strong demand for affordable generics and specialty drugs across major global markets.

Exports of readymade garments increased by 5.78 per cent to $6.77 billion, while other categories such as cereals, meat, dairy, poultry, and tea also reported double-digit growth.

The statement noted that India’s expanding merchandise exports underline the country’s strengthening role in global trade, supported by diversified markets and policy-driven incentives.