Explainer: India's services exports cross $400 billion mark
India just crossed a big milestone—services exports topped $400 billion on a Trailing Twelve Months (TTM) basis.
Sectors like IT, R&D, analytics, and cybersecurity led the way.
This boom has made a real dent in India's long-standing trade deficit, giving the economy some breathing room.
Services exports cover 2-thirds of goods trade deficit
In 2024-25, India exported $387.5 billion in services but only imported $198.1 billion—leaving a record surplus of nearly $190 billion.
That surplus covered almost two-thirds of the country's massive goods trade gap (mostly from energy and gold imports), slashing the total trade deficit down to $94.4 billion.
Growth in services exports and potential challenges
Over the past decade, services exports have skyrocketed—from just $51 billion in 2011-12 to nearly $190 billion now.
But there are some clouds: proposed US taxes on outsourcing could hit this growth.
Still, government incentives aim to keep momentum going and reduce reliance on imported goods over time.