India’s total exports of goods and services during the first half of the fiscal year 2026-27 (April to September) have grown to US$ 476.20 billion, representing a jump of nearly 14 percent compared to the same period last year, according to data released by the Ministry of Commerce and Industry. This increase reflects stronger global demand for Indian products across multiple sectors. However, imports have also risen faster than exports, widening the trade deficit.
Key facts
- Total exports (merchandise and services combined) for April-September 2026-27: US$ 476.20 billion
- Total exports for April-September 2025-26: US$ 418.31 billion
- Growth rate: 13.84 percent
- Merchandise exports for April-September 2026-27: US$ 259.89 billion (up 18.51 percent)
- Services exports for April-September 2026-27: US$ 216.31 billion (up 8.69 percent)
- Non-petroleum exports: US$ 218.70 billion (up 15.56 percent)
- Total imports for April-September 2026-27: US$ 551.13 billion (up 15.68 percent)
- Trade deficit: US$ 74.93 billion
- September 2026 exports: US$ 80.75 billion (up 10.99 percent year-on-year)
Merchandise exports lead the growth
Goods exports have performed particularly well, growing by 18.51 percent in the first half of the fiscal year. This faster growth in merchandise compared to services suggests that manufacturing and agricultural products are finding stronger markets internationally. Several product categories drove this momentum in September 2026 alone. Electronic goods exports surged by 70.44 percent year-on-year, jumping from US$ 3.11 billion to US$ 5.31 billion. This represents India’s growing capacity in electronics manufacturing and assembly. Petroleum products exports rose by 31.90 percent to US$ 6.22 billion, while organic and inorganic chemicals grew by 24.21 percent. Engineering goods, a key export category, increased by 20.91 percent to US$ 12.17 billion.
Agricultural and textile products also showed strength. Exports of cotton yarn, fabrics and made-ups, and handloom products increased by 20.76 percent in September alone. Other cereals recorded a 49.88 percent jump, meat and dairy products rose by 35.18 percent, and handicrafts excluding hand-made carpets climbed by 43.19 percent year-on-year.
Services sector growth remains steady
Services exports, which include information technology, business services, tourism and financial services, expanded by 8.69 percent during April-September 2026-27 to reach US$ 216.31 billion. While this represents slower growth than merchandise exports, it reflects India’s established strength in services. Notably, services exports in September 2026 were estimated at US$ 36.35 billion, marginally lower than the US$ 36.67 billion recorded in September 2025, suggesting some seasonal fluctuation. The services sector maintains a significant trade surplus of US$ 102.71 billion for the first half of the fiscal year, providing a cushion against the merchandise trade deficit.
Rising imports widen trade deficit
While exports have grown substantially, imports have expanded even faster, rising 15.68 percent to US$ 551.13 billion. This widened the overall trade deficit to US$ 74.93 billion compared to US$ 58.10 billion in the same period last year. Some import categories fell during this period: project goods dropped by 86.85 percent, gold imports fell by 81.27 percent, and silver declined by 49.11 percent. Conversely, imports from China grew by 27.82 percent during the half-year, while imports from Russia surged by 51.97 percent and Oman by 210.9 percent.
Export destinations show mixed performance
Geographically, exports to Singapore recorded exceptional growth of 103.05 percent during April-September 2026-27, while exports to the United States grew by 11.11 percent and to China by 36.07 percent. In September alone, exports to Singapore jumped by 169.16 percent and to Malaysia by 119.69 percent. These figures suggest that India is diversifying its export base beyond traditional markets.
What this means for you
If you work in export-oriented sectors such as electronics, chemicals, engineering, textiles, agriculture or software services, these figures suggest growing international demand for Indian products and services. This can translate to job creation and business expansion in these industries. Consumers may see prices of some imported goods rise due to increased import costs, particularly as rupee exchange rates adjust to trade flows. Students pursuing careers in export-related fields will find expanding opportunities in the near term.
What happens next
The Ministry of Commerce and Industry releases merchandise trade data monthly and services trade data quarterly. These figures are provisional estimates as of mid-October 2026. Final data for services in September 2026 will be released later by the Reserve Bank of India.