India’s cumulative exports of merchandise and services during April to February of the financial year 2025–26 are estimated at 790.86 billion US dollars, registering a growth of 5.79 percent compared with 747.58 billion US dollars during the same period in 2024–25.
According to the latest trade data released by the Government, the growth reflects continued expansion in both merchandise and services exports despite global economic uncertainties and changing trade dynamics.
Merchandise exports during April–February 2025–26 stood at 402.93 billion US dollars compared with 395.66 billion US dollars during April–February 2024–25, recording a positive growth of 1.84 percent.
Non petroleum exports also recorded strong performance during the period. Non petroleum exports were valued at 354.12 billion US dollars during April–February 2025–26, representing a 5.03 percent increase compared with 337.17 billion US dollars during the same period of the previous year.
Monthly Trade Performance
India’s total exports combining merchandise and services for February 2026 are estimated at 76.13 billion US dollars, reflecting a growth of 11.05 percent compared with 68.56 billion US dollars in February 2025.
Total imports of merchandise and services during February 2026 are estimated at 80.09 billion US dollars, showing a growth of 21.64 percent compared with 65.84 billion US dollars in February 2025.
The overall trade balance for February 2026 stood at a deficit of 3.96 billion US dollars compared with a surplus of 2.72 billion US dollars in February 2025.
Merchandise Trade
Merchandise exports during February 2026 were valued at 36.61 billion US dollars compared with 36.91 billion US dollars in February 2025.
Merchandise imports during February 2026 stood at 63.71 billion US dollars compared with 51.33 billion US dollars during February 2025.
For the April–February period of 2025–26, merchandise imports reached 713.53 billion US dollars compared with 657.46 billion US dollars in April–February 2024–25.
The merchandise trade deficit during April–February 2025–26 widened to 310.60 billion US dollars compared with 261.80 billion US dollars during the same period of the previous year.
Exports Excluding Petroleum And Gems Jewellery
Trade data excluding petroleum and gems and jewellery shows continued growth in core sectors.
Non petroleum exports during February 2026 stood at 33.18 billion US dollars compared with 31.19 billion US dollars in February 2025.
Non petroleum imports during the month stood at 50.74 billion US dollars compared with 39.44 billion US dollars a year earlier.
Non petroleum and non gems jewellery exports during February 2026 were valued at 30.55 billion US dollars compared with 28.66 billion US dollars in February 2025.
During April–February 2025–26, non petroleum exports were recorded at 354.12 billion US dollars compared with 337.17 billion US dollars in the same period of the previous year.
Non petroleum and non gems jewellery exports during the period stood at 327.96 billion US dollars compared with 310.25 billion US dollars in April–February 2024–25.
Services Trade
India’s services sector continued to perform strongly during the period.
Estimated services exports for February 2026 were valued at 39.53 billion US dollars compared with 31.65 billion US dollars in February 2025.
Services imports during February 2026 are estimated at 16.38 billion US dollars compared with 14.51 billion US dollars in February 2025.
During April–February 2025–26, services exports are estimated at 387.93 billion US dollars compared with 351.93 billion US dollars during the same period of the previous financial year.
Services imports during the same period stood at 186.98 billion US dollars compared with 181.23 billion US dollars in April–February 2024–25.
The services sector recorded a trade surplus of 200.96 billion US dollars during April–February 2025–26 compared with a surplus of 170.69 billion US dollars in the previous year.
Key Export Drivers
Several sectors recorded strong export growth during February 2026 compared with February 2025.
Engineering goods exports increased by 12.90 percent from 9.17 billion US dollars to 10.36 billion US dollars.
Electronic goods exports rose by 10.37 percent from 3.79 billion US dollars to 4.18 billion US dollars.
Exports of organic and inorganic chemicals grew by 6.85 percent from 2.23 billion US dollars to 2.38 billion US dollars.
Gems and jewellery exports increased by 4.08 percent from 2.53 billion US dollars to 2.64 billion US dollars.
Exports of meat dairy and poultry products rose significantly by 22.66 percent from 0.45 billion US dollars to 0.55 billion US dollars.
Other sectors recording positive export growth during February 2026 included other cereals which registered a sharp growth of 170.14 percent, coffee with growth of 31.92 percent, marine products at 13.27 percent, mica coal and other ores and minerals at 10.51 percent, handicrafts excluding handmade carpets at 10.25 percent, ceramic products and glassware at 6.36 percent, fruits and vegetables at 3.95 percent, drugs and pharmaceuticals at 3.4 percent, cereal preparations and miscellaneous processed items at 3.25 percent and rice at 0.7 percent.
Import Trends
Certain import categories recorded a decline during February 2026 compared with the previous year.
Imports of project goods declined by 81.31 percent, cotton raw and waste by 59.44 percent, pulses by 38.49 percent, newsprint by 34.12 percent, transport equipment by 23.64 percent, chemical material and products by 13.08 percent, pulp and waste paper by 9.24 percent and wood and wood products by 1.59 percent.
Export Destinations
Among major export destinations, strong growth in February 2026 was recorded in exports to China which increased by 32.37 percent, Hong Kong by 32.14 percent, Vietnam by 49.46 percent, Togo by 110.96 percent and Sri Lanka by 57.3 percent compared with February 2025.
During the April–February period of 2025–26, the top export destinations showing growth included China with 37.66 percent growth, the United States with 3.84 percent growth, the United Arab Emirates with 8.52 percent growth, Spain with 45.31 percent growth and Hong Kong with 30.91 percent growth.
Import Sources
On the import side, the top sources of imports showing growth in February 2026 compared with February 2025 included China with 30.49 percent growth, Switzerland with 719.3 percent growth, the United Kingdom with 202.59 percent growth, the United States with 36.53 percent growth and Peru with 377.65 percent growth.
For the April–February period of 2025–26, major import sources showing growth included China with 15.21 percent growth, the United States with 15.65 percent growth, the United Arab Emirates with 10 percent growth, Hong Kong with 25.01 percent growth and Peru with 67 percent growth.
Overall Trade Trends
India’s overall trade performance during the April–February period of the financial year 2025–26 reflects steady growth in exports driven by engineering goods, electronics, chemicals and agricultural products, along with strong expansion in the services sector.
The data indicates continued diversification of export markets and strengthening of India’s services exports, which remain a major contributor to the country’s overall trade performance.
