India’s total exports (merchandise and services combined) during April–January 2025-26 are estimated at US$ 720.76 Billion, registering a positive growth of 6.15 per cent over US$ 679.02 Billion during the corresponding period of the previous year. Total imports during April–January 2025-26 are estimated at US$ 823.41 Billion, reflecting a growth of 6.54 per cent over US$ 772.85 Billion in April–January 2024-25. The overall trade deficit during April–January 2025-26 is estimated at US$ 102.65 Billion.
During January 2026, India’s total exports (merchandise and services combined) are estimated at US$ 80.45 Billion, marking a robust growth of 13.17 per cent over US$ 71.09 Billion in January 2025. Total imports during January 2026 are estimated at US$ 90.83 Billion, registering a growth of 18.76 per cent over US$ 76.48 Billion in January 2025. The trade deficit for January 2026 is estimated at US$ 10.38 Billion.
Merchandise exports during January 2026 stood at US$ 36.56 Billion as compared to US$ 36.34 Billion in January 2025, while merchandise imports increased to US$ 71.24 Billion from US$ 59.77 Billion in the corresponding month of the previous year. Cumulatively, merchandise exports during April–January 2025-26 reached US$ 366.63 Billion as against US$ 358.75 Billion in April–January 2024-25, registering a growth of 2.20 per cent. Merchandise imports during the same period were US$ 649.86 Billion compared to US$ 606.13 Billion last year, resulting in a merchandise trade deficit of US$ 283.23 Billion.
Non-petroleum exports during April–January 2025-26 were valued at US$ 320.94 Billion, registering an increase of 4.89 per cent over US$ 305.98 Billion in the corresponding period of the previous year. Non-petroleum and non-gems & jewellery exports during the period stood at US$ 297.41 Billion as against US$ 281.59 Billion last year. In January 2026, non-petroleum and non-gems & jewellery exports were US$ 30.47 Billion compared to US$ 29.86 Billion in January 2025.
The major drivers of merchandise export growth in January 2026 include Engineering Goods, Petroleum Products, Meat, Dairy & Poultry Products, Marine Products and Iron Ore. Engineering Goods exports increased by 10.37 per cent from US$ 9.42 Billion in January 2025 to US$ 10.40 Billion in January 2026. Petroleum Products exports rose by 8.55 per cent to US$ 3.77 Billion from US$ 3.48 Billion. Exports of Meat, Dairy & Poultry Products grew by 17.92 per cent, Marine Products by 13.29 per cent, and Iron Ore by 31.54 per cent. Other sectors such as Other Cereals, Coffee, Mica, Coal & Other Ores, Fruits & Vegetables, Drugs & Pharmaceuticals and Electronic Goods also recorded positive growth during the month. On the import side, Pulses, Newsprint, Chemical Materials & Products, Iron & Steel, Coal & Coke, Project Goods and Petroleum (Crude & Products) recorded negative growth in January 2026 compared to the previous year.
Services exports continue to remain a strong contributor to overall trade performance. The estimated value of services exports for January 2026 is US$ 43.90 Billion as compared to US$ 34.75 Billion in January 2025, while services imports are estimated at US$ 19.60 Billion as against US$ 16.71 Billion in the same month last year. During April–January 2025-26, services exports are estimated at US$ 354.13 Billion, registering a growth of 10.57 per cent over US$ 320.28 Billion in April–January 2024-25. Services imports during the period are estimated at US$ 173.55 Billion, resulting in a services trade surplus of US$ 180.58 Billion.
Among major trading partners, the top export destinations exhibiting positive growth in January 2026 include U.A.E., China, Hong Kong, Netherlands and Italy. During April–January 2025-26, China, U.S.A., U.A.E., Spain and Hong Kong emerged as leading destinations showing growth in export value. On the import side, Switzerland, U.A.E., China, U.S.A. and U.K. recorded significant growth in January 2026, while China, U.A.E., U.S.A., Hong Kong and Singapore were the major import sources during April–January 2025-26.
The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2228785®=3&lang=1
