THEBUSINESSBYTES
BUREAU
NEW
DELHI, MARCH 16, 2026
India’s external
trade maintained a steady upward trajectory in the current financial year, with
combined merchandise and services exports touching $790.86 billion during
April–February 2025-26, registering a 5.79 per cent growth over $747.58 billion
recorded in the same period last year, according to data released by the
Ministry of Commerce and Industry.
The expansion was
supported by strong performances across a range of sectors, including
engineering goods, electronics, chemicals, gems and jewellery, and agri-based
products, reflecting continued resilience in India’s export ecosystem despite
global economic uncertainties.
Merchandise exports
recorded moderate growth during the period, rising to $402.93 billion compared
with $395.66 billion in April–February 2024-25, reflecting a 1.84 per cent
increase. Non-petroleum exports also posted an encouraging performance,
climbing to $354.12 billion, up 5.03 per cent from $337.17 billion in the
previous year.
However, imports grew
at a faster pace during the period, reaching $713.53 billion, which pushed the
merchandise trade deficit to $310.60 billion, higher than the $261.80 billion
deficit recorded in the corresponding months of the previous fiscal year.
February trade
figures indicated a robust rise in overall exports. India’s total exports of
merchandise and services in February 2026 were estimated at $76.13 billion,
marking an 11.05 per cent increase compared with February 2025. Total imports
during the month were estimated at $80.09 billion, registering a 21.64 per cent
year-on-year rise.
Merchandise exports
in February stood at $36.61 billion, marginally lower than $36.91 billion
recorded in February 2025, while merchandise imports increased significantly to
$63.71 billion, compared with $51.33 billion in the same month last year.
The services sector
continued to remain a strong pillar of India’s export growth. Services exports
in February were estimated at $39.53 billion, up sharply from $31.65 billion a
year earlier. During April–February FY26, services exports surged to $387.93
billion, compared with $351.93 billion in the corresponding period last year.
Services imports
during the same period were estimated at $186.98 billion, resulting in a
services trade surplus of $200.96 billion, considerably higher than the surplus
of $170.69 billion recorded during April–February 2024-25.
Sector-wise
performance in February highlighted strong momentum in several export
categories. Engineering goods exports rose 12.9 per cent to $10.36 billion from
$9.17 billion, while electronic goods shipments increased 10.37 per cent to
$4.18 billion from $3.79 billion. Exports of organic and inorganic chemicals
grew 6.85 per cent to $2.38 billion, and gems and jewellery exports climbed
4.08 per cent to $2.64 billion.
Agri-linked exports
also showed notable expansion, with meat, dairy and poultry products
registering a sharp 22.66 per cent growth, rising from $0.45 billion to $0.55
billion. Other segments reporting positive growth included coffee, marine
products, handicrafts, minerals, ceramic products, pharmaceuticals, fruits and
vegetables, cereal preparations, and rice.
Exports excluding
petroleum and gems and jewellery stood at $30.55 billion in February 2026,
compared with $28.66 billion in February 2025. For the April–February FY26
period, non-petroleum and non-gems exports reached $327.96 billion, up from
$310.25 billion during the same months of the previous year.
India’s export
performance was also supported by growing demand from key international
markets. Major destinations showing significant growth in February included
China, Hong Kong, Vietnam, Togo and Sri Lanka.
During April–February
FY26, exports to the United States, United Arab Emirates, Spain and Hong Kong
also recorded notable growth.
On the import front,
India witnessed higher inflows from major trade partners including China,
Switzerland, the United Kingdom, the United States and Peru, reflecting the
country’s strong domestic demand and industrial activity.
