Exports hold amid global headwinds, electronic exports surge 54% in May

India’s merchandise exports dipped marginally to $38.73 billion during May 2025 as compared $39.59 billion in May last year. The decline, amid challenging global trade conditions, was cushioned by a 54.1% increase in electronic goods exports -- $4.57 billion in May 2025 as compared to $ 2.97 billion in May 2024, monthly trade data released by the Commerce ministry shows.

One of the reasons for the surge in electronic exports is learnt to be the tariff hike announced by the US President Donald Trump on products imported to that country. Companies are known to be stockpiling as much goods as possible before the new rates on imports kicks in. Non-petroleum and non-gems & jewellery exports in May 2025 were $30.71 billion compared to $ 28.73 billion in May 2024.

The goods that shown growth in export value during May include marine products (26.79% growth), tobacco (22.69%), meat, dairy & poultry products (16.87%), organic & inorganic chemicals (16%), mica, coal & other ores, minerals including processed minerals (11.65%), readymade garments of all textiles (11.35%), spices (11.19%), other Cereals  (9.64%), drugs & pharmaceuticals (7.38%), leather & leather products (6.89%), fruits & vegetables (2.56%) and tea (2.3%).  

Top five export destinations that registered growth for India in May, in terms of change in value are U.S. (16.93%), China (25.04%), Australia (35.36%), Russia (48.11%), and Germany (17.05%).

In terms of services exports, the ministry estimates suggest India has continued the growth trajectory. Services exports is expected to touch $32.39 billion in May as compared to $29.61 billion in May 2024. Commenting on the overall trade estimates, Federation of Indian Export Organisations (FIEO) said despite global economic headwinds, India’s overall exports (merchandise and services combined) demonstrated resilience, registering a 2.8% growth in May 2025. Total exports reached $71.12 billion, up from $69.20 billion in May 2024. “This uptick was primarily driven by continued strength in services exports, particularly in software, consultancy, and financial services” S C Ralhan, President, FIEO said.

The value of merchandise imports during May 2025 was $60.61 billion, lower than $61.68 billion registered during the corresponding month the year before.