India's Trade Performance: April-October 2026-27
India's Ministry of Commerce & Industry released detailed trade data for the period April-October 2026-27, showing robust growth in both exports and imports. The cumulative value of exports (merchandise and services combined) during this period is estimated at US$ 568.84 Billion, representing a significant 16.66% growth compared to US$ 487.59 Billion recorded in April-October 2025-26. Total imports for the same period reached US$ 662.19 Billion, showing a 16.00% growth from US$ 570.84 Billion in the previous year, resulting in an overall trade deficit of US$ 93.35 Billion, which has widened from US$ 83.25 Billion in the comparable period.
Monthly Performance: October 2026
For the month of October 2026 specifically, total exports (merchandise and services) were estimated at US$ 89.99 Billion, registering strong positive growth of 29.90% compared to October 2025. Total imports for October 2026 reached US$ 110.07 Billion, showing 16.58% growth from October 2025. The trade balance for October 2026 stood at US$ 20.09 Billion deficit, showing some improvement from US$ 25.15 Billion deficit in October 2025.
Merchandise Trade Breakdown
Merchandise exports during April-October 2026-27 reached US$ 309.06 Billion, showing impressive 21.96% growth from US$ 253.40 Billion in the previous year. Merchandise imports for the same period totaled US$ 527.21 Billion, growing 16.42% from US$ 452.86 Billion, resulting in a merchandise trade deficit of US$ 218.15 Billion, which expanded from US$ 199.46 Billion in April-October 2025-26. Non-petroleum exports specifically reached US$ 259.22 Billion, registering 18.01% growth from US$ 219.66 Billion.
Sector-Specific Export Performance
The report highlights exceptional growth in several key export sectors during October 2026 compared to October 2025. Petroleum Products exports surged by 140.21% from US$ 3.70 Billion to US$ 8.89 Billion. Electronic Goods exports grew by 62.70% from US$ 4.08 Billion to US$ 6.64 Billion. Gems & Jewellery exports increased by 40.06% from US$ 2.29 Billion to US$ 3.21 Billion. Organic & Inorganic Chemicals exports rose by 36.20% from US$ 2.12 Billion to US$ 2.89 Billion. Engineering Goods exports expanded by 36.01% from US$ 9.37 Billion to US$ 12.74 Billion.
Services Trade Performance
Services exports during April-October 2026-27 were estimated at US$ 259.78 Billion, showing 10.93% growth from US$ 234.18 Billion in the previous year. Services imports reached US$ 134.98 Billion, growing from US$ 117.98 Billion. This resulted in a services trade surplus of US$ 124.80 Billion, which increased from US$ 116.21 Billion in April-October 2025-26.
Trade Partners Analysis
The data reveals significant changes in trade patterns with key partners. Top export destinations showing positive growth in October 2026 included Spain (352.07%), Malaysia (280.72%), Singapore (139.1%), China (48.15%), and USA (39.25%). For imports, the top sources showing growth were Oman (202.32%), Brazil (144.54%), Russia (54.83%), China (30.62%), and USA (27.63%) during the April-October period.