According to data released by the Ministry of Commerce and Industry (MoCI), India’s total exports (merchandise + services) reached $790.86 billion during April–February FY 2025–26, registering a 5.79% growth over $747.58 billion in the same period last year. The growth was driven by strong performance in engineering goods, electronics, chemicals, gems & jewellery, and agri-based products.
Overall Trade Performance (April–February FY26)
| Indicator | FY 2025–26 | FY 2024–25 | Growth |
| Total Exports (Goods + Services) | $790.86 bn | $747.58 bn | +5.79% |
Merchandise Trade
Merchandise Exports
| Indicator | FY26 | FY25 | Growth |
| Merchandise Exports | $402.93 bn | $395.66 bn | +1.84% |
| Non-Petroleum Exports | $354.12 bn | $337.17 bn | +5.03% |
Merchandise Imports & Deficit
| Indicator | FY26 | FY25 |
| Merchandise Imports | $713.53 bn | — |
| Trade Deficit | $310.60 bn | $261.80 bn |
Key Insight: Despite export growth, higher imports widened the trade deficit.
Services Trade (Key Strength)
India’s services sector remained the major driver of export growth.
| Indicator | FY26 | FY25 |
| Services Exports | $387.93 bn | $351.93 bn |
| Services Imports | $186.98 bn | — |
| Services Trade Surplus | $200.96 bn | $170.69 bn |
Strong surplus in services helped offset merchandise trade deficit.
February 2026 Trade Data
| Indicator | February 2026 | Growth (YoY) |
| Total Exports | $76.13 bn | +11.05% |
| Total Imports | $80.09 bn | +21.64% |
Merchandise Trade (Feb 2026)
| Indicator | Value |
| Exports | $36.61 bn |
| Imports | $63.71 bn |
Services Trade (Feb 2026)
| Indicator | Value |
| Services Exports | $39.53 bn |
| Previous Year | $31.65 bn |
Key Export Growth Sectors (February 2026)
| Sector | Growth | Value (Approx.) |
| Engineering Goods | +12.9% | $10.36 bn |
| Electronic Goods | +10.37% | $4.18 bn |
| Chemicals (Organic & Inorganic) | +6.85% | $2.38 bn |
| Gems & Jewellery | +4.08% | $2.64 bn |
| Meat, Dairy & Poultry | +22.66% | $0.55 bn |
Other Growing Sectors
- Coffee
- Marine products
- Handicrafts
- Pharmaceuticals
- Fruits & vegetables
- Rice and cereal preparations
- Ceramic and mineral products
Trade Excluding Petroleum & Gems
| Indicator | February 2026 | February 2025 |
| Exports (Excl. petroleum & gems) | $30.55 bn | $28.66 bn |
| Indicator | FY26 | FY25 |
| Non-petroleum & non-gems exports | $327.96 bn | $310.25 bn |
Indicates diversification of export basket beyond traditional sectors.
Key Trading Partners
Major Export Destinations (Growth)
| Country | Growth |
| China | 37.66% |
| United States | 3.84% |
| United Arab Emirates | 8.52% |
| Spain | 45.31% |
| Hong Kong | 30.91% |
Major Import Sources (Growth)
| Country | Growth |
| China | 15.21% |
| United States | 15.65% |
| United Arab Emirates | 10% |
| Hong Kong | 25.01% |
| Peru | 67% |
Key Observations
- Exports show steady growth, but slower than imports.
- Services exports remain India’s strongest pillar, generating large surplus.
- Trade deficit widened due to rising imports.
- Export basket is diversifying beyond petroleum and gems.
- Strong demand from markets like China, UAE, and Spain.
- Emphasises need to control imports to manage trade deficit.
Significance
- Reflects resilience of India’s external sector.
- Highlights the growing importance of services exports (IT, business services, etc.).
- Indicates structural shift toward diversified exports.