New Delhi: India’s cumulative exports, including merchandise and services, reached an estimated US$ 720.76 billion during April-January 2025-26, registering a 6.15% growth compared to US$ 679.02 billion in the same period last year.
India’s total exports in January 2026 were estimated at US$ 80.45 billion, marking a robust 13.17% increase compared to January 2025. Imports during the month rose 18.76% to US$ 90.83 billion.
Merchandise exports in January 2026 stood at US$ 36.56 billion, marginally higher than US$ 36.34 billion recorded in January 2025. Services exports, however, showed significant strength at US$ 43.90 billion compared to US$ 34.75 billion last year.
Merchandise Exports Show Steady Expansion
Cumulative merchandise exports during April-January 2025-26 reached US$ 366.63 billion, registering a 2.20% growth over US$ 358.75 billion in the corresponding period of the previous fiscal.
Non-petroleum exports during the period rose to US$ 320.94 billion, reflecting a healthy 4.89% growth compared to US$ 305.98 billion a year ago. Non-petroleum and non-gems & jewellery exports also improved, signalling diversified export strength.
Merchandise imports for April-January 2025-26 stood at US$ 649.86 billion, resulting in a merchandise trade deficit of US$ 283.23 billion.
Key Sectors Driving January Growth
Several sectors recorded notable expansion in January 2026. Engineering goods exports increased by 10.37%, rising to US$ 10.40 billion from US$ 9.42 billion in January 2025.
Petroleum products exports grew 8.55% to US$ 3.77 billion. Meat, dairy and poultry products witnessed a strong 17.92% rise, while marine products exports climbed 13.29%.
Iron ore exports surged by 31.54% to US$ 0.21 billion, indicating renewed global demand. Other cereals, coffee and processed mineral products also contributed to overall growth.
Services Exports Remain Bright Spot
Services exports continued to anchor India’s external trade performance. During April-January 2025-26, services exports were estimated at US$ 354.13 billion, up from US$ 320.28 billion in the same period last year.
Services imports stood at US$ 173.55 billion, resulting in a trade surplus of US$ 180.58 billion in the services segment.
The services sector is estimated to have grown 10.57% during April-January 2025-26, underscoring India’s strength in IT, business and professional services.
Export Destinations and Import Sources
Among major export destinations in January 2026, the UAE, China, Hong Kong, the Netherlands and Italy recorded significant growth in trade value.
On the import front, Switzerland, the UAE, China, the USA and the UK showed notable increases in sourcing during January 2026.
Over the April-January period, China, the USA, the UAE, Spain and Hong Kong emerged as top export growth markets for India.
Trade Outlook
Despite the widening trade deficit, India’s export performance reflects resilience amid global uncertainties. The steady rise in non-petroleum exports and strong services growth indicate diversified trade strength.
With sustained sectoral momentum and expanding global partnerships, India’s external trade outlook remains cautiously optimistic for the remaining fiscal months.