India's April-June 2026-27 Trade Performance

India's Ministry of Commerce & Industry reported that cumulative exports (merchandise and services combined) for April-June 2026-27 reached US$232.73 billion, representing an 11.37% growth compared to US$208.98 billion in the same period of 2025-26. Total imports during the quarter grew significantly by 17.55% to US$270.15 billion from US$229.82 billion, resulting in an expanded trade deficit of US$37.42 billion compared to US$20.85 billion in the previous year.

Merchandise Trade Details

Merchandise exports showed strong performance with US$129.32 billion in April-June 2026-27, up 15.92% from US$111.57 billion in the corresponding period last year. Merchandise imports grew even faster to US$216.18 billion from US$180.31 billion, widening the merchandise trade deficit to US$86.86 billion from US$68.75 billion. Non-petroleum exports reached US$106.30 billion, growing 12.44% from US$94.54 billion, while non-petroleum and non-gems & jewellery exports stood at US$99.04 billion compared to US$87.88 billion.

June 2026 Monthly Performance

For June 2026 specifically, total exports reached US$73.45 billion (9.48% growth), while imports surged to US$88.76 billion (26.85% growth), creating a monthly trade deficit of US$15.32 billion compared to US$2.89 billion in June 2025. Merchandise exports for the month were US$40.41 billion (up from US$34.98 billion), while merchandise imports reached US$70.84 billion (up from US$54.08 billion).

Key Export Drivers

Several sectors showed exceptional growth in June 2026: Gems & Jewellery exports increased by 34.64% to US$2.41 billion from US$1.79 billion; Engineering Goods grew 20.74% to US$11.48 billion from US$9.51 billion; Organic & Inorganic Chemicals increased 19.42% to US$2.77 billion from US$2.32 billion; Electronic Goods rose 18.93% to US$4.93 billion from US$4.14 billion; and Rice exports grew 16.48% to US$1.00 billion from US$0.86 billion.

Services Trade

Services exports for April-June 2026-27 were estimated at US$103.41 billion, growing 6.16% from US$97.41 billion, while services imports reached US$53.97 billion from US$49.51 billion. This resulted in a services trade surplus of US$49.43 billion compared to US$47.90 billion in the previous year. For June 2026 alone, services exports were estimated at US$33.03 billion (up from US$32.11 billion) with imports at US$17.92 billion (up from US$15.90 billion).

Additional Trade Metrics

Non-petroleum exports in June 2026 were US$35.54 billion compared to US$30.51 billion, while non-petroleum imports were US$51.52 billion versus US$40.28 billion. The data also highlighted significant growth in exports of Other Cereals (244.29%), Handicrafts excluding Hand Made Carpet (59.69%), and Meat, Dairy & Poultry Products (54.63%). Import declines were noted in Project Goods (-85.44%), Silver (-73.62%), and Pearls, Precious & Semi-Precious Stones (-16.83%).

Trading Partner Analysis

Top export destinations showing positive growth in June 2026 included South Africa (114.04%), Singapore (48.91%), China (31.49%), Oman (189.6%), and Malaysia (99.18%). Major import sources with growth were Russia (85.02%), China (40.26%), USA (33.86%), UAE (24.62%), and Taiwan (135.03%). The data for services trade in June 2026 is estimated as the latest RBI data available was for May 2026.