India On Track To Achieve $800 Billion Exports In FY25 As First Quarter Shipments Exceed $200 Billion: Commerce Secretary

Total exports of goods and services from India hit a record high of $200.3 billion in the first quarter of Financial Year 2024-25 (FY25), as per Commerce Secretary Sunil Barthwal.

Notably, Union Commerce and Industry Ministry Piyush Goyal had set a target of exports of over $800 billion in FY25. In the last fiscal, India's exports were worth $778.2 billion.

With the achievement in the first quarter, Barthwal hopes that the country's total exports of goods and services could surpass $800 billion target this fiscal year.

However, since the imports also rose by 5 per cent to $56.2 billion, the trade deficit stood at $20.98 billion. A trade deficit is the gap between imports and exports.

In May, India's merchandise exports grew by 9.1 per cent to $38.13 billion, despite the trade deficit widening to a seven-month high of $23.78 billion.

During April-June of this fiscal year, merchandise exports increased by 5.84 per cent to $109.96 billion, while imports grew by 7.6 per cent to $172.23 billion.