Date: 2026-06-15Category: Press ReleaseState: Union GovernmentCountry: India
The cumulative exports (merchandise & services) during April-May 2026-27 is estimated at US$ 162.69 Billion, as compared to US$ 141.89 Billion in April-May 2025-26, an estimated growth of 14.66%
**Executive Summary**
This report details India’s trade performance for May 2026 and the cumulative period of April-May 2026-27. Cumulative exports are estimated at US$ 162.69 billion, reflecting a 14.66% growth, while total imports reached US$ 182.83 billion. Significant growth was recorded in merchandise sectors such as Petroleum Products and Engineering Goods, alongside a services trade surplus of US$ 36.31 billion for the two-month period.
**Key Points / Main Content**
**Overall Trade Performance (April-May 2026-27)**
* **Total Exports:** Estimated at US$ 162.69 billion, up from US$ 141.89 billion in the previous year (14.66% growth).
* **Total Imports:** Estimated at US$ 182.83 billion, compared to US$ 159.85 billion previously (14.38% growth).
* **Trade Balance:** The overall trade deficit for this period stands at US$ 20.13 billion.
**Merchandise Trade Highlights**
* **Monthly Performance:** May 2026 merchandise exports were US$ 45.20 billion, a 16.09% increase over May 2025.
* **Growth Drivers:** Key export drivers in May 2026 included Other Cereals (262.73%), Petroleum Products (54.89%), Engineering Goods (24.48%), and Electronic Goods (11.62%).
* **Trade Deficit:** The merchandise trade deficit for April-May 2026-27 widened to US$ 56.44 billion from US$ 49.65 billion in the prior year.
* **Declining Imports:** Notable negative growth was recorded in the imports of Silver (-86.65%) and Project Goods (-64.05%) during May 2026.
**Services Trade Performance**
* **Export Value:** Services exports for May 2026 are estimated at US$ 36.76 billion.
* **Cumulative Surplus:** For April-May 2026-27, the services trade surplus is estimated at US$ 36.31 billion, an increase from US$ 31.69 billion in the same period last year.
* **Growth Rate:** Services exports grew by an estimated 12.99% during the April-May 2026-27 period.
**Geographical Trade Trends**
* **Export Destinations:** Singapore, Tanzania, and Sri Lanka emerged as top destinations showing the highest positive growth in export value for the April-May 2026-27 period.
* **Import Sources:** Russia, Oman, Brazil, and the USA were the top sources exhibiting the highest growth in import value during May 2026.
**Impact Analysis**
**Merchandise Exporters (Petroleum, Engineering, and Electronics)**
**Impact:** These sectors are experiencing robust demand, with Petroleum and Engineering goods specifically driving the bulk of merchandise growth.
**Action Required:** Entities in these sectors should maintain production momentum and leverage high-growth markets like Singapore and South Africa.
**Service Sector Providers**
**Impact:** The services sector continues to provide a significant trade surplus, cushioning the overall trade deficit.
**Action Required:** Stakeholders should continue to focus on export-oriented service delivery to maintain the 12.99% growth trend.
**Importers of Silver and Project Goods**
**Impact:** There is a sharp contraction in the import value of these specific commodities, indicating shifting domestic demand or market conditions.
**Action Required:** Stakeholders should analyze whether these declines are due to inventory surpluses or reduced domestic industrial requirements.
**Government and Trade Policy Makers**
**Impact:** While exports are growing at 14.66%, the overall trade deficit has increased to over US$ 20 billion for the April-May period.
**Action Required:** Monitor trade balances with high-growth import partners like Russia and Oman to manage the widening merchandise trade deficit.
Key Entities Referenced
Ministry of Commerce & Industry: The primary government body responsible for reporting India's trade statistics and overseeing the performance of merchandise and services exports.
RBI (Reserve Bank of India): The central regulator whose services sector data and balance of payments statistics provide the basis for estimating and revising national trade figures.
Ministry of Commerce & Industry
The cumulative exports (merchandise & services)
during April-May 2026-27 is estimated at US$
162.69 Billion, as compared to US$ 141.89 Billion
in April-May 2025-26, an estimated growth of
14.66%
The cumulative value of merchandise exports during April-
May 2026-27 was US$ 88.91 Billion, as compared to US$
76.59 Billion during April-May 2025-26, registering a positive
growth of 16.09%
The cumulative Non-Petroleum exports in April-May 2026-27
valued at US$ 70.74 Billion registered an increase of 10.49%
as compared to US$ 64.03 Billion in April-May 2025-26
Major drivers of merchandise exports growth in May 2026
include Petroleum Products, Engineering Goods, Organic &
Inorganic Chemicals, Electronic Goods, and Gems &
Jewellery
Petroleum Products exports increased by 54.89% from US$
5.44 Billion in May 2025 to US$ 8.42 Billion in May 2026
Engineering Goods exports increased by 24.48% from US$
9.89 Billion in May 2025 to US$ 12.31 Billion in May 2026
Organic & Inorganic Chemicals exports increased by 12.71%
from US$ 2.41 Billion in May 2025 to US$ 2.72 Billion in May
2026
Electronic Goods exports increased by 11.62% from US$
4.57 Billion in May 2025 to US$ 5.10 Billion in May 2026Gems & Jewellery exports increased by 6.66% from US$ 2.38
Billion in May 2025 to US$ 2.53 Billion in May 2026
प्रव तथ: 15 JUN 2026 4:37PM by PIB Delhi
India’s total exports (Merchandise and Services combined) for May 2026* is estimated at US$ 81.96
Billion, registering a positive growth of 15.83 percent vis-à-vis May 2025. Total imports (Merchandise
and Services combined) for May 2026* is estimated at US$ 92.47 Billion, registering a positive
growth of 19.23 percent vis-à-vis May 2025.
Table 1: Trade during May 2026*
May 2026 May 2025
(US$ Billion) (US$ Billion)
Merchandise Exports 45.20 38.30
Imports 73.41 60.86
Services* Exports 36.76 32.46
Imports 19.06 16.70
Total Trade Exports 81.96 70.76
(Merchandise +Services) *
Imports 92.47 77.55
Trade Balance -10.51 -6.79
* Note: The latest data for services sector released by RBI is for April 2026. The data for May 2026 is an
estimation. (ii) Data for April-May 2025-26 and April-December 2025 has been revised on pro-rata basis
using quarterly balance of payments data.
Fig 1: Total Trade during May 2026*
India’s total exports during April-May 2026-27* is estimated at US$ 162.69 Billion registering a
positive growth of 14.66 percent. Total imports during April-May 2026-27* is estimated at US$
182.83 Billion registering a growth of 14.38 percent.Table 2: Trade during April-May 2026-27*
April-May 2026-27 April-May 2025-26
(US$ Billion) (US$ Billion)
Merchandise Exports 88.91 76.59
Imports 145.35 126.24
Services* Exports 73.79 65.30
Imports 37.48 33.61
Total Trade Exports 162.69 141.89
(Merchandise +Services) *
Imports 182.83 159.85
Trade Balance -20.13 -17.96
Fig 2: Total Trade during April-May 2026-27*
MERCHANDISE TRADE
Merchandise exports during May 2026 were US$ 45.20 Billion as compared to US$ 38.30 Billion in
May 2025.
Merchandise imports during May 2026 were US$ 73.41 Billion as compared to US$ 60.86 Billion
in May 2025.
Fig 3: Merchandise Trade during May 2026Merchandise exports during April-May 2026-27 were US$ 88.91 Billion as compared to US$ 76.59
Billion during April-May 2025-26.
Merchandise imports during April-May 2026-27 were US$ 145.35 Billion as compared to US$
126.24 Billion during April-May 2025-26.
Merchandise trade deficit during April-May 2026-27 was US$ 56.44 Billion as compared to US$
49.65 Billion during April-May 2025-26.
Fig 4: Merchandise Trade during April-May 2026-27
Non-petroleum and non-gems & jewellery exports in May 2026 were US$ 34.24 Billion compared
to US$ 30.49 Billion in May 2025.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in May 2026 were
US$ 46.09 Billion compared to US$ 41.44 Billion in May 2025.
Table 3: Trade excluding Petroleum and Gems & Jewellery during May 2026
May 2025 (US$
May 2026
Billion)
(US$ Billion)
Non- petroleum exports 36.78 32.87
Non- petroleum imports 50.73 46.11
Non-petroleum & Non-Gems & Jewellery exports 34.24 30.49
Non-petroleum & Non-Gems & Jewellery imports 46.09 41.44
Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones
Fig 5: Trade excluding Petroleum and Gems & Jewellery during May 2026Non-petroleum and non-gems & jewellery exports in April-May 2026-27 were US$ 65.89 Billion,
compared to US$ 59.15 Billion in April-May 2025-26.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-May 2026-
27 were US$ 91.97 Billion, compared to US$ 81.19 Billion in April-May 2025-26.
Table 4: Trade excluding Petroleum and Gems & Jewellery during April-May 2026-27
April-May 2025-26
April-May 2026-27
(US$ Billion)
(US$ Billion)
Non- petroleum exports 70.74 64.03
Non- petroleum imports 104.05 90.79
Non-petroleum & Non Gems & Jewellery 65.89 59.15
exports
Non-petroleum & Non Gems & Jewellery 91.97 81.19
imports
Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones
Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-May 2026-27
SERVICES TRADE
The estimated value of services export for May 2026* is US$ 36.76 Billion as compared to US$
32.46 Billion in May 2025.
The estimated value of services imports for May 2026* is US$ 19.06 Billion as compared to US$
16.70 Billion in May 2025.
Fig 7: Services Trade during May 2026*The estimated value of service exports during April-May 2026-27* is US$ 73.79 Billion as
compared to US$ 65.30 Billion in April-May 2025-26.
The estimated value of service imports during April-May 2026-27* is US$ 37.48 Billion as
compared to US$ 33.61 Billion in April-May 2025-26.
The services trade surplus for April-May 2026-27* is US$ 36.31 Billion as compared to US$ 31.69
Billion in April-May 2025-26.
Fig 8: Services Trade during April-May 2026-27*
Exports of Other Cereals (262.73%), Petroleum Products (54.89%), Meat, Dairy & Poultry
Products (42.51%), Oil Meals (24.61%), Engineering Goods (24.48%), Handicrafts Excl. Hand
Made Carpet (23.85%), Plastic & Linoleum (21.82%), Iron Ore (14.76%), Organic & Inorganic
Chemicals (12.71%), Electronic Goods (11.62%), Gems & Jewellery (6.66%), Drugs &
Pharmaceuticals (6.13%), Rice (5.38%), Cereal Preparations & Miscellaneous Processed Items
(4.4%), Coffee (4.37%), and Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (1.89%) record
positive growth during May 2026 over the corresponding month of last year.
Imports of Silver (-86.65%), Project Goods (-64.05%), Chemical Material & Products (-63.58%),
Pearls, Precious & Semi-Precious Stones (-26.5%), Iron & Steel (-12.47%), Pulp And Waste Paper
(-9.93%), Machine Tools (-8.14%), Newsprint (-6.69%), Textile Yarn Fabric, Made-Up Articles
(-3.68%), and Wood & Wood Products (-3.65%) record negative growth during May 2026 over the
corresponding month of last year.
Services exports is estimated to grow by 12.99 percent during April-May 2026-27* over April-May
2025-26.
Top 5 export destinations, in terms of change in value, exhibiting positive growth in May 2026 vis a
vis May 2025 are Singapore (68.96%), South Africa (116.21%), Tanzania Rep (196.89%), Italy
(87.54%), and Sri Lanka Dsr (150.29%).
Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-May
2026-27 vis a vis April-May 2025-26 are Singapore (123.75%), Tanzania Rep (172.22%), Sri Lanka
Dsr (183.32%), South Africa (62.24%), and China P Rp (25.85%).
Top 5 import sources, in terms of change in value, exhibiting growth in May 2026 vis a vis May
2025 are Russia (63.46%), China P Rp (23.4%), U S A (54.43%), Oman (305.66%), and Brazil
(358.83%).
Top 5 import sources, in terms of change in value, exhibiting growth in April-May 2026-27 vis a vis
April-May 2025-26 are Russia (40.02%), China P Rp (22.15%), Oman (277.63%), U S A (19.4%),
and Brazil (180.35%).
*Link for Quick Estimates
*Exim Summary Export
*Exim Summary Import*Exim Summary Country wise-Export
*Exim Summary Country wise-Import
***
Abhijith Narayanan
(रलीज़ आईडी: 2273044) आगंतुक पटल : 1579
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