New Delhi, August 13, 2026: India’s exports of merchandise and services continued to register strong growth during the first four months of the financial year 2026-27, with cumulative exports estimated at US$316.42 billion during April-July 2026, up 13.16% from US$279.63 billion recorded during the corresponding period of 2025-26, according to data released by the Department of Commerce.
Merchandise exports were a major contributor to the overall growth. During April-July 2026-27, merchandise exports stood at US$173.78 billion, compared with US$148.48 billion in the same period last year, registering a growth of 17.04%.
July exports rise 13.31%
India’s total exports, including merchandise and services, were estimated at US$80.14 billion in July 2026, compared with US$70.72 billion in July 2025, representing a growth of 13.31%.
During the same month, total imports increased to US$95.16 billion, compared with US$82.16 billion in July 2025. As a result, the combined merchandise and services trade balance stood at a deficit of approximately US$15.03 billion in July 2026, against US$11.43 billion a year earlier.
Merchandise exports show strong performance
Merchandise exports increased from US$36.98 billion in July 2025 to US$44.24 billion in July 2026. Merchandise imports also rose during the period, reaching US$76.22 billion from US$64.86 billion a year earlier.
For April-July 2026-27, merchandise exports increased by 17.04% to US$173.78 billion, while merchandise imports rose to US$292.38 billion from US$245.14 billion. The merchandise trade deficit consequently widened to US$118.60 billion, compared with US$96.66 billion during April-July 2025-26.
Petroleum, electronics and engineering goods lead growth
Several major export sectors recorded significant growth during July 2026.
Petroleum products recorded the sharpest increase among the major drivers, with exports rising 67.64%, from US$4.13 billion in July 2025 to US$6.92 billion in July 2026.
Exports of electronic goods increased 57.40%, rising from US$3.76 billion to US$5.92 billion. Engineering goods exports grew 17.71%, from US$10.40 billion to US$12.24 billion.
Other sectors that registered positive growth included organic and inorganic chemicals, whose exports increased 14.39% to US$2.80 billion, and cotton yarn, fabrics, made-ups and handloom products, which grew 8.40% to US$1.11 billion.
The Department of Commerce also reported strong July growth in exports of iron ore, meat, dairy and poultry products, cashew, marine products, handicrafts, plastics and linoleum, cereal preparations and miscellaneous processed items, among other sectors.
Non-petroleum exports maintain momentum
India’s non-petroleum exports also showed healthy growth. During April-July 2026-27, non-petroleum exports were valued at US$143.61 billion, compared with US$127.32 billion in the corresponding period of 2025-26, registering growth of 12.79%.
Excluding both petroleum and gems and jewellery, exports stood at US$134.02 billion during April-July 2026-27, compared with US$118.27 billion a year earlier.
Services exports cross US$142 billion
India’s services sector continued to provide significant support to the country’s overall export performance.
Services exports during April-July 2026-27 were estimated at US$142.64 billion, compared with US$131.15 billion during the same period last year. Services imports were estimated at US$73.47 billion, resulting in a services trade surplus of US$69.17 billion, up from US$64.35 billion in April-July 2025-26.
For July alone, services exports were estimated at US$35.89 billion, compared with US$33.74 billion in July 2025, while services imports increased to US$18.94 billion.
USA, China and Singapore among key export destinations
India recorded significant growth in exports to several major markets during July 2026. The top five destinations showing positive growth in export value were the United States, China, Singapore, Kenya and Malaysia.
During April-July 2026-27, the leading destinations showing positive growth included Singapore, China, Tanzania, South Africa and Sri Lanka.
On the import side, Russia, China, Oman, Taiwan and the United States recorded significant growth in import value during July 2026. For the April-July period, Russia, China, Oman, the United States and Brazil were among the major sources showing increased imports.
Outlook for India’s external trade
The latest trade figures indicate continued momentum in India’s export sector at the beginning of FY 2026-27. Strong growth in petroleum products, electronic goods, engineering products and chemicals, combined with rising services exports, has supported the overall expansion in exports.
However, imports have grown at a faster pace than exports during the April-July period. Total imports were estimated at US$365.85 billion, up 17.28% from US$311.94 billion in the corresponding period of 2025-26, compared with 13.16% growth in total exports. The cumulative overall trade balance stood at a deficit of US$49.43 billion.
*Note: The Department of Commerce stated that the latest RBI-released services data was available only up to June 2026; therefore, July 2026 services figures are estimates. *