Q1 exports hit record high on services surge

India’s merchandise exports reported flat annualised growth in June while there was robust growth in services exports, leading to the highest-ever overall exports in the first quarter of any financial year at $210.3 billion despite the April-June 2025 period witnessing geopolitical disruptions and the US-led tariff war, according to government data released on Tuesday.

- Rajeev Jayaswal

“If this growth continues [in subsequent quarters] then we are definitely going to cross the last year’s highest export figures,” commerce secretary Sunil Barthwal said, reflecting on the latest trade data. India had registered its all-time highest exports at $824.92 billion in 2024-25.

India’s overall (goods and services) export in the first quarter (Ql) of FY26 rose by about 6% to $210.31 billion as compared to $198.50 billion in Ql of FY25. To be sure, services data for June 2025 are provisional, a conservative extrapolation of the previous month's numbers as RBI releases figures for the services sector with a lag.