Date: 2026-04-15Category: Press ReleaseState: Union GovernmentCountry: India
The cumulative exports (merchandise & services) during FY 2025-26 (April-March) is estimated at US$ 860.09 Billion, as compared to US$ 825.26 Billion in FY 2024-25 (April-March), an estimated growth of 4.22%.
**Executive Summary**
This report details India’s estimated trade performance for March 2026 and the cumulative fiscal year (FY) 2025-26, showing an overall export growth of 4.22% to reach US$ 860.09 billion. Despite a cumulative trade deficit of US$ 119.30 billion, the services sector maintained a significant surplus of US$ 213.89 billion. Key growth drivers included "Other Cereals" and "Mica," while petroleum and gold imports saw substantial declines in March 2026.
**Key Points / Main Content**
**Overall Trade Performance (FY 2025-26)**
* **Cumulative Exports:** Total exports (merchandise and services) are estimated at US$ 860.09 billion, compared to US$ 825.26 billion in FY 2024-25.
* **Cumulative Imports:** Total imports reached US$ 979.40 billion, reflecting a growth of 6.47% over the previous fiscal year.
* **Trade Balance:** The overall trade deficit for the fiscal year is estimated at US$ 119.30 billion, widening from US$ 94.66 billion in FY 2024-25.
**Merchandise Trade Highlights**
* **Monthly Performance:** March 2026 merchandise exports were US$ 38.92 billion, a decrease from US$ 42.05 billion in March 2025.
* **Annual Growth:** Cumulative merchandise exports grew by 0.93% to reach US$ 441.78 billion.
* **Trade Deficit:** The merchandise trade deficit for the full fiscal year stood at US$ 333.19 billion.
* **Non-Petroleum Exports:** These exports registered a 3.62% increase during the fiscal year, totaling US$ 387.88 billion.
**Services Trade Highlights**
* **Export Growth:** Services exports for FY 2025-26 are estimated at US$ 418.31 billion, a 7.94% increase over the previous year.
* **Trade Surplus:** The services sector generated a surplus of US$ 213.89 billion for the fiscal year.
* **March Estimations:** Service exports for March 2026 are estimated at US$ 35.20 billion (based on February 2026 RBI data).
**Sectoral Drivers and Trends (March 2026)**
* **High-Growth Export Sectors:** Significant growth was recorded in Other Cereals (108.23%), Mica, Coal & Other Ores (11.27%), and Handicrafts (8.51%).
* **Major Import Declines:** Substantial negative growth was seen in imports of Petroleum, Crude & Products (-35.91%), Gold (-31.63%), and Cotton Raw & Waste (-30.38%).
* **Geographic Growth:** Singapore (158.55%) and Malaysia (84.47%) were the top export destinations by value change in March 2026, while Peru (267.67%) was a leading import source growth.
**Impact Analysis**
**Ministry of Commerce & Industry / Government of India**
**Impact:** The data reveals a widening overall trade deficit driven by merchandise imports, despite strong performance in the services sector.
**Action Required:** Monitor the 6.47% growth in total imports and analyze the impact of the US$ 333.19 billion merchandise deficit on the national economy.
**Indian Exporters (Cereals, Ores, and Services)**
**Impact:** Exporters in these sectors are seeing robust demand, particularly in the services sector which grew by nearly 8% annually.
**Action Required:** Leverage high-growth markets like Singapore, Malaysia, and Tanzania for merchandise, and sustain momentum in service exports to maintain the trade surplus.
**Indian Importers (Petroleum and Raw Materials)**
**Impact:** Importers of petroleum and gold experienced a significant reduction in import values during March 2026.
**Action Required:** Adjust procurement strategies to account for the shifting import sources, noting the high value growth from sources like Peru, Oman, and Thailand.
Key Entities Referenced
Ministry of Commerce & Industry: The primary government body responsible for overseeing India's international trade and providing cumulative export and import estimates.
Reserve Bank of India (RBI): The central bank of India, identified as the source for the latest data used to estimate services sector trade performance.
Ministry of Commerce & Industry
The cumulative exports (merchandise & services)
during FY 2025-26 (April-March) is estimated at
US$ 860.09 Billion, as compared to US$ 825.26
Billion in FY 2024-25 (April-March), an estimated
growth of 4.22%.
The cumulative value of merchandise exports during FY
2025-26 (April-March) was US$ 441.78 Billion, as compared
to US$ 437.70 Billion during FY 2024-25 (April-March),
registering a positive growth of 0.93%.
The cumulative Non-Petroleum exports in FY 2025-26 (April-
March) valued at US$ 387.88 Billion registered an increase of
3.62% as compared to US$ 374.32 Billion in FY 2024-25
(April-March).
Major drivers of merchandise exports growth in March 2026
include Petroleum Products, Engineering Goods, Mica, Coal
& Other Ores, Minerals including processed minerals, Other
cereals and Handicrafts excl. hand made carpet.
Petroleum Products exports increased by 5.88 % from US$
4.90 Billion in March 2025 to US$ 5.18 Billion in March 2026.
Engineering Goods exports increased by 1.13 % from US$
10.82 Billion in March 2025 to US$ 10.94 Billion in March
2026.
Mica, Coal & Other Ores, Minerals including processed
minerals exports increased by 11.27 % from US$ 0.52 Billion
in March 2025 to US$ 0.58 Billion in March 2026.
Other cereals exports increased by 108.23 % from US$ 0.03
Billion in March 2025 to US$ 0.06 Billion in March 2026.Handicrafts excl. hand made carpet exports increased by
8.51 % from US$ 0.13 Billion in March 2025 to US$ 0.14
Billion in March 2026.
Posted On: 15 APR 2026 5:06PM by PIB Delhi
India’s total exports (Merchandise and Services combined) for March 2026* is estimated at US$
74.11 Billion, registering a negative growth of (-) 4.58 percent vis-à-vis March 2025. Total imports
(Merchandise and Services combined) for March 2026* is estimated at US$ 76.55 Billion,
registering a negative growth of (-) 5.76 percent vis-à-vis March 2025.
Table 1: Trade during March 2026*
March 2026 March 2025
(US$ Billion) (US$ Billion)
Merchandise Exports 38.92 42.05
Imports 59.59 63.74
Services* Exports 35.20 35.63
Imports 16.96 17.48
Total Trade Exports 74.11 77.67
(Merchandise +Services) *
Imports 76.55 81.22
Trade Balance -2.44 -3.55
* Note: The latest data for services sector released by RBI is for February 2026. The data for March 2026
is an estimation. (ii) Data for FY 2024-25 (April-March) and April-December 2025 has been revised on
pro-rata basis using quarterly balance of payments data.
Fig 1: Total Trade during March 2026*
India’s total exports during FY 2025-26 (April-March)* is estimated at US$ 860.09 Billion
registering a positive growth of 4.22 percent. Total imports during FY 2025-26 (April-March)* isestimated at US$ 979.40 Billion registering a growth of 6.47 percent.
Table 2: Trade during FY 2025-26 (April-March)*
FY 2025-26 FY 2024-25
(US$ Billion) (US$ Billion)
Merchandise Exports 441.78 437.70
Imports 774.98 721.20
Services* Exports 418.31 387.55
Imports 204.42 198.72
Total Trade Exports 860.09 825.26
(Merchandise +Services) *
Imports 979.40 919.92
Trade Balance -119.30 -94.66
Fig 2: Total Trade during FY 2025-26 (April-March)*
MERCHANDISE TRADE
Merchandise exports during March 2026 were US$ 38.92 Billion as compared to US$ 42.05 Billion
in March 2025.
Merchandise imports during March 2026 were US$ 59.59 Billion as compared to US$ 63.74 Billion
in March 2025.
Fig 3: Merchandise Trade during March 2026Merchandise exports during FY 2025-26 (April-March) were US$ 441.78 Billion as compared to
US$ 437.70 Billion during FY 2024-25 (April-March).
Merchandise imports during FY 2025-26 (April-March) were US$ 774.98 Billion as compared to
US$ 721.20 Billion during FY 2024-25 (April-March).
Merchandise trade deficit during FY 2025-26 (April-March) was US$ 333.19 Billion as compared
to US$ 283.50 Billion during FY 2024-25 (April-March).
Fig 4: Merchandise Trade during FY 2025-26 (April-March)
Non-petroleum and non-gems & jewellery exports in March 2026 were US$ 31.69 Billion
compared to US$ 34.25 Billion in March 2025.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in March 2026 were
US$ 41.87 Billion compared to US$ 37.99 Billion in March 2025.
Table 3: Trade excluding Petroleum and Gems & Jewellery during March 2026
March 2026 March 2025
(US$ Billion)
(US$ Billion)
Non- petroleum exports 33.74 37.15
Non- petroleum imports 47.41 44.73
Non-petroleum & Non-Gems & Jewellery exports 31.69 34.25
Non-petroleum & Non-Gems & Jewellery imports 41.87 37.99Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones
Fig 5: Trade excluding Petroleum and Gems & Jewellery during March 2026
Non-petroleum and non-gems & jewellery exports in FY 2025-26 (April-March) were US$ 359.67
Billion, compared to US$ 344.50 Billion in FY 2024-25 (April-March).
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in FY 2025-26
(April-March) were US$ 498.56 Billion, compared to US$ 454.59 Billion in FY 2024-25 (April-
March).
Table 4: Trade excluding Petroleum and Gems & Jewellery during FY 2025-26 (April-March)
FY 2025-26 FY 2024-25
(US$ Billion) (US$ Billion)
Non- petroleum exports 387.88 374.32
Non- petroleum imports 601.03 535.42
Non-petroleum & Non Gems & Jewellery 359.67 344.50
exports
Non-petroleum & Non Gems & Jewellery 498.56 454.59
imports
Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones
Fig 6: Trade excluding Petroleum and Gems & Jewellery during FY 2025-26 (April-March)
SERVICES TRADEThe estimated value of services export for March 2026* is US$ 35.20 Billion as compared to US$
35.63 Billion in March 2025.
The estimated value of services imports for March 2026* is US$ 16.96 Billion as compared to US$
17.48 Billion in March 2025.
Fig 7: Services Trade during March 2026*
The estimated value of service exports during FY 2025-26 (April-March)* is US$ 418.31 Billion as
compared to US$ 387.55 Billion in FY 2024-25 (April-March).
The estimated value of service imports during FY 2025-26 (April-March)* is US$ 204.42 Billion as
compared to US$ 198.72 Billion in FY 2024-25 (April-March).
The services trade surplus for FY 2025-26 (April-March)* is US$ 213.89 Billion as compared to
US$ 188.84 Billion in FY 2024-25 (April-March).
Fig 8: Services Trade during FY 2025-26 (April-March)*
Exports of Other Cereals (108.23%), Mica, Coal & Other Ores, Minerals Including Processed
Minerals (11.27%), Handicrafts Excl. Hand Made Carpet (8.51%), Petroleum Products (5.88%),
Engineering Goods (1.13%) and Marine Products (0.76%) record positive growth during March
2026 over the corresponding month of last year.
Imports of Petroleum, Crude & Products (-35.91%), Gold (-31.63%), Cotton Raw & Waste
(-30.38%), Project Goods (-23.7%), Pulses (-21.81%), Pulp And Waste Paper (-19.11%), Chemical
Material & Products (-18.43%), Iron & Steel (-14.21%), Transport Equipment (-13.7%), Pearls,
Precious & Semi-Precious Stones (-13.15%), Wood & Wood Products (-8.02%), Organic &
Inorganic Chemicals (-6.4%), Artificial Resins, Plastic Materials, Etc. (-2.98%) and Newsprint
(-2.22%) record negative growth during March 2026 over the corresponding month of
last year.
Services exports is estimated to grow by 7.94 percent during FY 2025-26 (April-March)* over FY
2024-25 (April-March).Top 5 export destinations, in terms of change in value, exhibiting positive growth in March 2026 vis
a vis March 2025 are Singapore (158.55%), Malaysia (84.47%), China P Rp (28.1%), Tanzania Rep
(100.54%) & Sri Lanka Dsr (88.31%).
Top 5 export destinations, in terms of change in value, exhibiting positive growth in FY 2025-26
(April-March) vis a vis FY 2024-25 (April-March) are China P Rp (36.66%), Spain (46.33%), Hong
Kong (33.22%), Vietnam Soc Rep (22.78%) & Sri Lanka Dsr (21.14%).
Top 5 import sources, in terms of change in value, exhibiting growth in March 2026 vis a vis March
2025 are China P Rp (24.81%), Thailand (64.53%), Peru (267.67%), Oman (112.01%) & U S A
(14.4%).
Top 5 import sources, in terms of change in value, exhibiting growth in FY 2025-26 (April-March)
vis a vis FY 2024-25 (April-March) are China P Rp (16.03%), U S A (15.95%), Hong Kong
(23.32%), Peru (78.08%) & U K (36.09%).
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