India’s cumulative exports of merchandise and services during April–February 2025–26 are estimated at US$ 790.86 billion, registering a growth of 5.79 percent compared to US$ 747.58 billion during the corresponding period of the previous year. The latest trade data released by the Ministry of Commerce & Industry indicates steady growth in India’s external trade performance supported by strong services exports and growth in key merchandise sectors.
The combined exports of merchandise and services for February 2026 are estimated at US$ 76.13 billion, recording a positive growth of 11.05 percent over February 2025. During the same month, total imports (merchandise and services combined) are estimated at US$ 80.09 billion, showing a growth of 21.64 percent compared to the previous year.
According to the data presented in the trade table for February 2026 on page 2 of the release, merchandise exports stood at US$ 36.61 billion, while services exports were estimated at US$ 39.53 billion. Imports during the same period were estimated at US$ 63.71 billion for merchandise and US$ 16.38 billion for services, resulting in a trade balance of –US$ 3.96 billion for the month.
During the period April–February 2025–26, merchandise exports were valued at US$ 402.93 billion, compared to US$ 395.66 billion during the same period in the previous financial year, registering a growth of 1.84 percent. Merchandise imports during this period increased to US$ 713.53 billion from US$ 657.46 billion in the previous year. As illustrated in the trade data table on page 3, this resulted in a merchandise trade deficit of US$ 310.60 billion, compared with US$ 261.80 billion during April–February 2024–25.
The services sector continued to remain a major driver of India’s export growth. Services exports during February 2026 were estimated at US$ 39.53 billion, compared to US$ 31.65 billion in February 2025, while services imports were estimated at US$ 16.38 billion, compared to US$ 14.51 billion during the same period last year. For the period April–February 2025–26, services exports reached US$ 387.93 billion, compared to US$ 351.93 billion during April–February 2024–25, resulting in a services trade surplus of US$ 200.96 billion.
Non-petroleum exports also recorded healthy growth during the current financial year. Non-petroleum exports during April–February 2025–26 reached US$ 354.12 billion, compared to US$ 337.17 billion in the corresponding period of the previous year. In addition, non-petroleum and non-gems & jewellery exports during February 2026 stood at US$ 30.55 billion, compared to US$ 28.66 billion in February 2025, indicating improvement in diversified export sectors.
Several key sectors contributed to the growth in merchandise exports during February 2026. Notable increases were recorded in Engineering Goods exports (up 12.90%), Electronic Goods (up 10.37%), Organic and Inorganic Chemicals (up 6.85%), Gems and Jewellery (up 4.08%), and Meat, Dairy and Poultry Products (up 22.66%) compared to the same month in the previous year.
The data also highlights growth across several other export categories including cereals, coffee, marine products, handicrafts, pharmaceuticals, ceramic products and fruits and vegetables. On the import side, certain sectors such as project goods, cotton raw and waste, pulses, newsprint, transport equipment and chemical materials recorded a decline during February 2026 compared to February 2025.
In terms of geographical markets, China, Hong Kong, Vietnam, Togo and Sri Lanka emerged among the top destinations showing strong growth in India’s exports during February 2026. Meanwhile, China, the United States, the United Arab Emirates, Spain and Hong Kong were among the major export destinations registering growth during April–February 2025–26. On the import side, China, Switzerland, the United Kingdom, the United States and Peru were among the leading sources showing increased imports during the same period.
The latest trade estimates reflect continued resilience in India’s external trade sector, supported by strong services exports and improving performance across several merchandise export categories.
The Complete Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2240674®=3&lang=1
