India’s Exports Maintain Upward Momentum Through January 2026

New Delhi: India’s merchandise and services exports continued to show resilience in the global trade landscape during the first ten months of the current financial year, driven by growth in key sectors and strong services performance, according to data released by the Ministry of Commerce and Industry.

Total exports of goods and services reached US$ 720.76 billion during April–January 2025–26, registering a 6.15% increase compared with US$ 678.86 billion during the same period last year. The growth reflects sustained demand for Indian products and services in international markets despite a volatile global economic environment.

During the same period, cumulative merchandise exports — the broadest measure of India’s outbound shipments — stood at US$ 366.63 billion, up from US$ 358.75 billion in April–January 2024–25. Non-petroleum and non-gems exports, an important indicator of the underlying strength of manufacturing exports, also posted a gain of 4.89%.

January 2026 alone saw a particularly strong performance, with the combined value of merchandise and services exports estimated at US$ 80.45 billion, marking a robust 13.17% growth compared with US$ 71.11 billion exported in January 2025. During the month, services exports were estimated at US$ 43.90 billion, a significant rise from US$ 34.75 billion recorded in January last year.

The data also highlighted improvement in several merchandise segments in January, with engineering goods showing a 10.41% increase, and exports of meat, dairy and poultry products rising by 48.82%. Other items such as electronic goods, iron ore and marine products also registered positive year-on-year growth in the month.

While exports sustained an upward trend, total imports of goods and services during April–January 2025–26 were estimated at US$ 823.41 billion, compared with US$ 790.49 billion last year, resulting in a trade deficit of US$ 102.65 billion during the period.

The release noted that imports of crude oil during April–January increased by 23.47%, followed by significant rises in fertiliser (36.27%), coal and coke (12.31%) and gold (17.35%), reflecting ongoing demand from domestic manufacturing, energy and infrastructure sectors.

Despite the widening trade deficit, the ministry emphasised that the sustained export growth demonstrates the resilience and adaptability of Indian exporters across sectors. Analysts have pointed out that strong services exports in particular continue to bolster overall performance and provide stability as global trade patterns evolve.

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