India’s external trade continued to register strong growth during July 2026 and the first four months of the financial year 2026-27. The country’s cumulative exports of merchandise and services during April–July 2026-27 are estimated at US$ 316.42 billion, as against US$ 279.63 billion during the corresponding period of 2025-26, recording an estimated year-on-year growth of 13.16 per cent.
India’s total exports, comprising merchandise and services, during July 2026 are estimated at US$ 80.14 billion, compared with US$ 70.72 billion in July 2025, registering a robust growth of 13.31 per cent. Total imports during July 2026 are estimated at US$ 95.16 billion against US$ 82.16 billion in July 2025, representing an increase of 15.83 per cent.
Merchandise exports demonstrated particularly strong momentum during the period under review. Merchandise exports during April–July 2026-27 stood at US$ 173.78 billion, compared with US$ 148.48 billion during April–July 2025-26, registering a significant growth of 17.04 per cent. Merchandise imports during the same period stood at US$ 292.38 billion, compared with US$ 245.14 billion in the corresponding period of the previous year.
During July 2026 alone, merchandise exports increased to US$ 44.24 billion from US$ 36.98 billion in July 2025, reflecting broad-based growth across several key export sectors. Merchandise imports during July 2026 stood at US$ 76.22 billion, compared with US$ 64.86 billion in July 2025.
The performance of India’s non-petroleum exports also remained encouraging. Cumulative non-petroleum exports during April–July 2026-27 stood at US$ 143.61 billion, registering an increase of 12.79 per cent over US$ 127.32 billion recorded during the corresponding period of 2025-26. Non-petroleum and non-gems & jewellery exports also increased to US$ 134.02 billion during April–July 2026-27 from US$ 118.27 billion during the corresponding period last year.
Several major commodity groups contributed significantly to merchandise export growth in July 2026. Petroleum Products exports recorded a sharp increase of 67.64 per cent, rising from US$ 4.13 billion in July 2025 to US$ 6.92 billion in July 2026. Electronic Goods exports surged 57.40 per cent, from US$ 3.76 billion to US$ 5.92 billion, highlighting the growing importance of electronics in India’s export basket.
Engineering Goods exports, another major component of India’s merchandise exports, increased by 17.71 per cent, from US$ 10.40 billion in July 2025 to US$ 12.24 billion in July 2026. Exports of Organic & Inorganic Chemicals rose by 14.39 per cent from US$ 2.45 billion to US$ 2.80 billion, while Cotton Yarn/Fabrics/Made-ups and Handloom Products registered growth of 8.40 per cent, increasing from US$ 1.02 billion to US$ 1.11 billion.
Other export categories witnessing positive growth during July 2026 included Iron Ore (78.35 per cent), Meat, Dairy & Poultry Products (40.84 per cent), Cashew (25.11 per cent), Marine Products (17.83 per cent), Handicrafts excluding Handmade Carpets (15.55 per cent), Plastic & Linoleum (11.01 per cent), Cereal Preparations & Miscellaneous Processed Items (9.51 per cent), and Drugs & Pharmaceuticals (0.74 per cent).
Services exports continued to provide substantial support to India’s overall trade performance. Services exports for July 2026 are estimated at US$ 35.89 billion, compared with US$ 33.74 billion in July 2025, while services imports are estimated at US$ 18.94 billion against US$ 17.30 billion in the corresponding month of the previous year.
During April–July 2026-27, services exports are estimated at US$ 142.64 billion, compared with US$ 131.15 billion during April–July 2025-26, indicating estimated growth of 6.38 per cent. Services imports during the period are estimated at US$ 73.47 billion compared with US$ 66.81 billion a year earlier. Consequently, the services trade surplus increased to US$ 69.17 billion during April–July 2026-27 from US$ 64.35 billion during the corresponding period last year.
India also recorded strong export growth across several important overseas markets. Among the leading export destinations showing positive growth in July 2026 were USA (12.85 per cent), China (64.57 per cent), Singapore (83.70 per cent), Kenya (151.41 per cent) and Malaysia (73.03 per cent).
During April–July 2026-27, the leading export destinations in terms of growth in value included Singapore (97.11 per cent), China (35.97 per cent), Tanzania (131.20 per cent), South Africa (69.75 per cent) and Sri Lanka (111.76 per cent), reflecting diversification and strengthening of India’s merchandise trade across major global markets.
On the import side, Russia, China, Oman, Taiwan and the USA were among the major sources showing growth during July 2026. For the cumulative April–July 2026-27 period, Russia, China, Oman, the USA and Brazil were among the leading import sources recording an increase in value.
India’s combined merchandise and services imports during April–July 2026-27 are estimated at US$ 365.85 billion, compared with US$ 311.94 billion during April–July 2025-26. The overall trade balance for the four-month period is estimated at (-) US$ 49.43 billion. The merchandise trade deficit during the period stood at US$ 118.60 billion, while the strong services surplus continued to partially offset the merchandise trade gap.
The latest available services-sector data released by the Reserve Bank of India (RBI) pertains to June 2026; accordingly, services trade figures for July 2026 are estimates. Data for April–July 2025-26 has also been revised on a pro-rata basis using quarterly Balance of Payments data.
Strong Sectoral Growth Underlines Resilience of India’s Export Sector
The sustained increase in overall exports, led by strong growth in merchandise shipments and notable gains in sectors such as petroleum products, electronic goods, engineering goods and chemicals, underscores the continued momentum and diversification of India’s export performance during the first four months of 2026-27.
The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2298878®=48&lang=1
