The Ministry of Commerce & Industry, Government of India, through its Press Information Bureau (PIB) release dated October 15, 2026, has announced encouraging export performance for September 2026 and the first half of the financial year 2026–27. India’s cumulative exports of merchandise and services during April–September 2026–27 are estimated at US$ 476.20 billion, compared to US$ 418.31 billion during the corresponding period of FY 2025–26, registering a significant growth of 13.84%. The growth reflects positive export performance across several major sectors, including electronics, engineering goods, petroleum products, chemicals and textiles.
Merchandise Exports Register Robust Growth of 18.51%: India’s cumulative merchandise exports during April–September 2026–27 increased to US$ 259.89 billion, compared to US$ 219.30 billion during April–September 2025–26, registering an impressive growth of 18.51%. Merchandise imports during the same period stood at US$ 437.53 billion against US$ 376.17 billion in the corresponding previous period. Consequently, the merchandise trade deficit stood at US$ 177.64 billion, compared to US$ 156.88 billion during April–September 2025–26.
September 2026 Exports Rise 10.99% to US$ 80.75 Billion: India’s total exports, comprising merchandise and services, during September 2026 are estimated at US$ 80.75 billion, compared to US$ 72.76 billion in September 2025, representing a growth of 10.99%. Total imports during September 2026 increased to US$ 94.05 billion from US$ 86.93 billion, registering a growth of 8.19%. The overall trade deficit for September 2026 stood at US$ 13.30 billion, compared to US$ 14.17 billion in September 2025, indicating an improvement in the monthly overall trade balance.
Electronic Goods Exports Lead with Extraordinary 70.44% Growth: Electronic goods emerged as a major driver of India’s merchandise export growth during September 2026, recording an exceptional 70.44% increase, from US$ 3.11 billion in September 2025 to US$ 5.31 billion in September 2026. Other major sectors registering positive export growth included petroleum products, which increased by 31.90% to US$ 6.22 billion; organic and inorganic chemicals, which rose by 24.21% to US$ 2.94 billion; engineering goods, which recorded 20.91% growth to US$ 12.17 billion; and cotton yarn, fabrics, made-ups and handloom products, which registered growth of 20.76% to US$ 1.12 billion.
Non-Petroleum Exports Grow 15.56%, Reflecting Broad-Based Export Expansion: India’s cumulative non-petroleum exports during April–September 2026–27 increased to US$ 218.70 billion, compared to US$ 189.26 billion during the corresponding period of FY 2025–26, registering growth of 15.56%. Further, non-petroleum and non-gems and jewellery exports increased to US$ 203.41 billion from US$ 175.06 billion during the corresponding previous period. During September 2026 alone, non-petroleum and non-gems and jewellery exports stood at US$ 34.81 billion, compared to US$ 28.53 billion in September 2025.
Services Exports Reach US$ 216.31 Billion, Growing 8.69%: India’s services exports during April–September 2026–27 are estimated at US$ 216.31 billion, compared to US$ 199.02 billion during the corresponding previous period, registering growth of 8.69%. Services imports during the period increased to US$ 113.60 billion from US$ 100.24 billion, resulting in a services trade surplus of US$ 102.71 billion, compared to US$ 98.77 billion during April–September 2025–26. However, for September 2026 alone, estimated services exports stood at US$ 36.35 billion, marginally below US$ 36.67 billion recorded in September 2025.
Several Key Export Sectors Witness Double-Digit Growth: Apart from electronics, petroleum products and engineering goods, various other sectors also demonstrated encouraging export performance during September 2026. Exports of other cereals increased by 49.88%, handicrafts excluding handmade carpets by 43.19%, meat, dairy and poultry products by 35.18%, plastics and linoleum by 24.81%, carpets by 19.81%, gems and jewellery by 18.95%, and readymade garments of all textiles by 13.68%. Positive growth was also recorded in coffee, marine products, leather products, drugs and pharmaceuticals, rice and spices, indicating export expansion across multiple product categories.
Strong Export Growth Recorded Across Major International Markets: According to the PIB release, major export destinations exhibiting positive growth during September 2026 included the United States (47.99%), Singapore (169.16%), Malaysia (119.69%), Egypt (90.09%) and China (24.05%), compared to September 2025. During April–September 2026–27, Singapore registered export growth of 103.05%, the United States 11.11%, China 36.07%, Tanzania 122.51% and Malaysia 82.85% over the corresponding period of the previous financial year. These developments highlight the continued importance of international markets for India’s merchandise exports.
Significant Decline in Gold and Silver Imports During September 2026: The Ministry also reported a substantial decline in imports of certain commodities during September 2026. Gold imports declined by 81.27%, while silver imports decreased by 49.11% compared to September 2025. Imports of project goods declined by 86.85%, fertilisers by 22.18%, newsprint by 9.10%, and iron and steel by 5.33%. However, total merchandise imports remained higher, reaching US$ 74.61 billion during September 2026 against US$ 69.08 billion during September 2025.
Overall Trade Deficit Widens Despite Strong Export Performance: India’s cumulative imports of merchandise and services during April–September 2026–27 are estimated at US$ 551.13 billion, compared to US$ 476.42 billion during the corresponding previous period, registering growth of 15.68%. Consequently, the overall trade deficit increased to US$ 74.93 billion from US$ 58.10 billion during April–September 2025–26. While robust merchandise exports and the continued services trade surplus remain positive developments, the higher overall trade deficit reflects the faster growth of cumulative imports relative to total exports.
Export Outlook and Economic Significance: The export figures released by the Ministry of Commerce & Industry indicate positive momentum in India’s external trade during the first six months of FY 2026–27, particularly in electronics, engineering goods, chemicals and other merchandise sectors. The substantial rise in non-petroleum exports and continued growth in services exports are important indicators of India’s expanding export base. At the same time, the widening cumulative trade deficit underscores the need for sustained export competitiveness, market diversification and balanced import growth to strengthen India’s overall external trade position.
The Press Release can be accessed at: https://www.pib.gov.in/PressReleaseDetail.aspx?PRID=2323944®=48&lang=1
