India's Trade Performance: April-August 2026-27

India's Ministry of Commerce & Industry released quick estimates for trade performance during April-August 2026-27 and August 2026, showing robust growth in both exports and imports. The cumulative value of exports (merchandise and services combined) for the five-month period reached US$ 399.27 Billion, representing a significant 15.55% growth compared to US$ 345.55 Billion during April-August 2025-26. Total imports during the same period were estimated at US$ 459.65 Billion, registering an 18.01% growth from US$ 389.49 Billion in the previous year, resulting in an overall trade deficit of -US$ 60.38 Billion, which widened from -US$ 43.94 Billion in April-August 2025-26.

Merchandise Trade Breakdown

Merchandise exports specifically showed strong performance, reaching US$ 215.91 Billion during April-August 2026-27, a 17.85% increase from US$ 183.21 Billion in the comparable period. Merchandise imports grew to US$ 363.00 Billion from US$ 307.09 Billion, resulting in a merchandise trade deficit of US$ 147.09 Billion, compared to US$ 123.88 Billion previously. For August 2026 alone, merchandise exports stood at US$ 43.81 Billion (up from US$ 34.74 Billion in August 2025), while imports were US$ 70.67 Billion (up from US$ 61.96 Billion).

Non-petroleum exports during April-August 2026-27 valued at US$ 180.61 Billion registered a 14.39% increase from US$ 157.89 Billion. When excluding both petroleum and gems & jewellery, exports were US$ 168.69 Billion compared to US$ 146.52 Billion in the previous year. For August 2026, non-petroleum and non-gems & jewellery exports were US$ 34.68 Billion versus US$ 28.26 Billion in August 2025.

Key Export Drivers and Commodity Performance

Several commodity sectors drove the merchandise export growth in August 2026. Electronic Goods exports saw remarkable growth of 89.82%, increasing from US$ 2.93 Billion to US$ 5.55 Billion. Petroleum Products exports grew by 63.27% from US$ 4.17 Billion to US$ 6.81 Billion. Engineering Goods exports increased by 24.86% from US$ 9.87 Billion to US$ 12.32 Billion. Organic & Inorganic Chemicals exports rose by 16.38% from US$ 2.41 Billion to US$ 2.80 Billion. Cotton Yarn/Fabrics/made-ups and Handloom Products exports increased by 13.79% from US$ 0.99 Billion to US$ 1.12 Billion.

Other commodities showing positive growth in August 2026 included Iron Ore (126.3%), Meat, Dairy & Poultry Products (37.08%), Handicrafts excluding Hand Made Carpet (29.63%), Marine Products (27.76%), Plastic & Linoleum (18.92%), Coffee (17.08%), Man-Made Yarn/Fabrics/Made-Ups etc. (9.92%), Cereal Preparations & Miscellaneous Processed Items (7.39%), Carpet (5.38%), Rice (4.12%), Drugs & Pharmaceuticals (3.84%), Cashew (3.59%), and Gems & Jewellery (0.69%).

On the import side, several commodities recorded negative growth during August 2026, including Gold (-57.75%), Pulp And Waste Paper (-13.83%), Iron & Steel (-11.69%), Newsprint (-10.85%), Textile Yarn Fabric, Made-Up Articles (-8.12%), Medicinal & Pharmaceutical Products (-7.9%), Wood & Wood Products (-3.17%), Leather & Leather Products (-1.33%), and Organic & Inorganic Chemicals (-0.51%).

Services Trade Performance

The services sector also showed strong growth, with estimated exports for August 2026 at US$ 38.87 Billion compared to US$ 31.19 Billion in August 2025. Services imports for August 2026 were estimated at US$ 21.42 Billion versus US$ 15.59 Billion. For the April-August 2026-27 period, service exports were estimated at US$ 183.36 Billion (compared to US$ 162.34 Billion previously), while service imports were US$ 96.65 Billion (compared to US$ 82.40 Billion). The services trade surplus for April-August 2026-27 was US$ 86.71 Billion, compared to US$ 79.94 Billion in the previous year. Services exports are estimated to have grown by 12.95% during April-August 2026-27 over the same period last year.

Country-Wise Trade Performance

The data reveals significant shifts in trade partnerships. For August 2026, the top export destinations showing the strongest positive growth included Tanzania Rep (214.52%), Spain (196.47%), Singapore (160.96%), China P Rp (52.35%), and U S A (21.83%). For the April-August 2026-27 period, the top export destinations by growth were Singapore (96.56%), Tanzania Rep (129%), Malaysia (75.4%), China P Rp (38.71%), and U S A (6.17%).

On the import side, top sources showing growth in August 2026 included Oman (157.45%), Taiwan (108.31%), U S A (65.78%), Russia (43.82%), and China P Rp (17.07%). For April-August 2026-27, the leading import sources by growth were Oman (190.63%), Brazil (159.83%), Russia (56.69%), U S A (29.6%), and China P Rp (27.01%).

Data Notes and Methodology

The release notes that the latest data for services sector released by RBI is for July 2026, making the August 2026 data an estimation. Data for April-August 2025-26 and April-June 2026-27 has been revised on a pro-rata basis using quarterly balance of payments data. The gems & jewellery imports category includes Gold, Silver & Pearls, precious & semi-precious stones.