Business
India’s Merchandise Exports Surge to ₹3.47 Lakh Crore Amid Global Economic Headwinds
In a testament to India’s resilient trade strategy, the central government has announced a significant rise in the country’s export and import figures. Despite ongoing global geopolitical tensions and market instability, India’s merchandise exports grew by 1.87% in December, reaching $38.51 billion (approximately ₹ 3.47 lakh crore).
Commerce Secretary Rajesh Agrawal released the latest trade data, highlighting that the overall momentum remains positive. For the cumulative period of April to December in the current fiscal year, total exports have seen a growth of 2.44%, totaling $330.29 billion.
While exports showed healthy growth, imports also witnessed a rise. Last month, imports climbed to $63.55 billion, up from $58.43 billion in the same period last year. This resulted in a monthly trade deficit of approximately $25.04 billion. However, government officials remain optimistic, noting that increased imports of raw materials often signal a boost in domestic manufacturing activities.
The surge in exports is largely attributed to sectors such as electronics, engineering goods, and pharmaceuticals. India’s strategic trade agreements and the Production Linked Incentive (PLI) schemes have enabled domestic manufacturers to compete more effectively on the global stage. Interestingly, while Western markets have seen fluctuating demand, India’s trade relations with partners like the UAE and certain Asian nations have provided a stable cushion for growth.
The Ministry of Commerce expects the total exports of goods and services to surpass the $850 billion mark (roughly ₹76 lakh crore) by the end of the 2025-26 fiscal year. This ambitious target reflects the government’s confidence in the “Make in India” initiative and the expansion of new export hubs across the country.
Industry experts suggest that if the current trajectory continues, India could significantly narrow its trade deficit in the coming quarters by focusing on high-value technology exports and reducing dependency on energy imports through green initiatives.