India’s overall exports recorded a growth of 4.22 per cent to reach USD 860.09 billion in the financial year 2025–26, up from USD 825.26 billion in the previous year, according to data shared by Commerce Secretary Rajesh Agrawal. However, a faster increase in imports led to a widening of the country’s trade deficit.
Total imports rose by 6.47 per cent to around USD 970 billion in FY26, compared to USD 919.92 billion in 2024–25. As a result, the combined trade deficit for merchandise and services expanded significantly to USD 119.30 billion, from USD 94.66 billion a year earlier.
Merchandise exports saw only a marginal increase, rising to USD 441.78 billion from USD 437.70 billion. In contrast, merchandise imports climbed more sharply to USD 774.98 billion from USD 721.20 billion, indicating sustained domestic demand and higher inbound shipments.
Services exports continued to be a key driver of India’s external sector, growing to USD 418.31 billion from USD 387.55 billion in the previous financial year. Services imports also edged up to USD 204.42 billion, compared to USD 198.72 billion.
Trade excluding petroleum and gems and jewellery remained relatively balanced during the year. Exports in this category increased to USD 777.98 billion from USD 732.05 billion, while imports rose to USD 702.98 billion from USD 653.31 billion. However, the trade surplus in this segment narrowed slightly to USD 75 billion, down from USD 78.74 billion.
Among key commodities, gold imports recorded a rise in value despite a decline in volume. The value of gold imports increased to USD 71.98 billion from USD 58.01 billion, even as the quantity fell from 757.09 tonnes to 721.03 tonnes. The rise was largely attributed to higher global prices, with the unit value increasing to USD 99,825.38 per kg from USD 76,617.48 per kg.
Silver imports, meanwhile, registered a sharp surge in both value and volume. Imports rose to USD 12.05 billion from USD 4.83 billion, while quantities increased from 5,164.37 tonnes to 7,334.96 tonnes. The unit value also saw a notable jump, reflecting stronger demand and price trends.
The data highlights the continued strength of services exports, even as rising imports—particularly in commodities—put pressure on India’s overall trade balance.
