India's exports rise 4.33% to $634 billion despite US tariffs
India's exports—covering both goods and services—grew by 4.33% year-on-year, reaching $634 billion between April and December 2025, according to the Commerce Ministry.
December saw a slight dip, mostly because service exports dropped compared to last year.
What's driving the numbers?
China, UAE, Malaysia, Hong Kong, and Spain led the way as top markets for Indian goods in December.
Pharma, electronics, and marine products were big winners for merchandise exports (US$ 38.51 billion in December 2025 versus US$ 37.80 billion in December 2024, a year-on-year increase of about 1.8-1.9%), while services exports in December were estimated at US$ 35.50 billion, down from US$ 36.97 billion in December 2024.
US tariffs? India still pushed through
Even after the US slapped a hefty 50% tariff on Indian goods in late August, India's merchandise exports to America during April-December 2025 grew about 9.75%—though there was a small drop in December itself.
Commerce Secretary Rajesh Agrawal is upbeat about hitting an ambitious $850 billion export target for this financial year.