India's Merchandise Exports Surge 23% to US$44.40 Billion in September 2026; Combined Goods and Services Exports Touch US$476.20 Billion in April-September 2026-27

Key facts

• India's merchandise exports rose 23.04% year-on-year to US$44.40 billion in September 2026, up from US$36.08 billion in September 2025, while merchandise imports grew 8% to US$74.61 billion, narrowing the merchandise trade deficit to US$30.21 billion from US$33.00 billion.
• India's total exports (merchandise and services combined) for September 2026 are estimated at US$80.75 billion, up 10.99% from US$72.76 billion in September 2025, while total imports rose 8.19% to US$94.05 billion, leaving a total trade balance of -US$13.30 billion.
• Cumulative exports (merchandise and services) during April-September 2026-27 are estimated at US$476.20 billion, up 13.84% from US$418.31 billion in April-September 2025-26, while total imports rose 15.68% to US$551.13 billion, widening the overall trade balance to -US$74.93 billion from -US$58.10 billion.
• Merchandise exports during April-September 2026-27 stood at US$259.89 billion, up 18.51% from US$219.30 billion, while merchandise imports rose to US$437.53 billion from US$376.17 billion, widening the merchandise trade deficit to US$177.64 billion from US$156.88 billion.
• Services exports for September 2026 are estimated at US$36.35 billion, slightly down from US$36.67 billion in September 2025, while services imports rose to US$19.44 billion from US$17.84 billion; cumulative services exports for April-September 2026-27 are estimated at US$216.31 billion, up 8.69%, with a services trade surplus of US$102.71 billion.
• Key drivers of September 2026 merchandise export growth were Electronic Goods (up 70.44% to US$5.31 billion), Petroleum Products (up 31.90% to US$6.22 billion), Organic & Inorganic Chemicals (up 24.21% to US$2.94 billion), Engineering Goods (up 20.91% to US$12.17 billion), and Cotton Yarn/Fabs./Made-Ups and Handloom Products (up 20.76% to US$1.12 billion).
• Cumulative Non-Petroleum exports in April-September 2026-27 were valued at US$218.70 billion, registering a 15.56% increase over US$189.26 billion in April-September 2025-26.
• Non-petroleum and non-gems & jewellery exports in September 2026 were US$34.81 billion, compared to US$28.53 billion in September 2025.
• Top five export destinations showing positive growth in September 2026 over September 2025 were Singapore (169.16%), Malaysia (119.69%), Egypt (90.09%), USA (47.99%), and China (24.05%).
• India's merchandise exports to the United States rose to around US$51 billion during April-September 2026-27, up from US$45.73 billion in the corresponding period last year, supported by higher shipments of electronic goods, petroleum products, engineering goods, chemicals and agricultural products.
• Commerce Secretary Rajesh Agarwal stated that negotiations for the proposed India-US trade agreement are moving in the right direction, with both countries working towards concluding the deal at the earliest.
• Overall export growth reached 15.84% in Q2 FY27, compared to 11.84% in Q1, with total overall exports (goods and services) estimated at US$242.60 billion in July-September 2026, the highest ever recorded for a second quarter, up from US$233.60 billion in April-June.