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

India's Ministry of Commerce & Industry reported robust trade performance for the period April-July 2026-27, with cumulative exports (merchandise and services combined) reaching US$316.42 billion, representing a 13.16% growth compared to US$279.63 billion in the same period of 2025-26. Total imports during April-July 2026-27 were estimated at US$365.85 billion, showing a 17.28% growth from US$311.94 billion in the previous year, resulting in an overall trade deficit of US$49.43 billion compared to US$32.32 billion in April-July 2025-26.

Merchandise Trade Details

Merchandise exports during April-July 2026-27 reached US$173.78 billion, a 17.04% increase from US$148.48 billion in the corresponding period last year. Non-petroleum exports specifically grew to US$143.61 billion, up 12.79% from US$127.32 billion. Merchandise imports totaled US$292.38 billion, significantly higher than the US$245.14 billion recorded in April-July 2025-26, leading to a merchandise trade deficit of US$118.60 billion compared to US$96.66 billion in the previous year. Excluding petroleum and gems & jewellery, exports stood at US$134.02 billion (up from US$118.27 billion) while imports were US$192.03 billion (up from US$160.95 billion).

July 2026 Monthly Performance

For July 2026 alone, total exports (merchandise and services) reached US$80.14 billion, growing 13.31% compared to July 2025. Total imports for the month were US$95.16 billion, showing a 15.83% increase year-on-year, resulting in a monthly trade deficit of US$15.03 billion compared to US$11.43 billion in July 2025. Merchandise exports for July 2026 were US$44.24 billion (up from US$36.98 billion) while merchandise imports reached US$76.22 billion (up from US$64.86 billion).

Sectoral Performance and Growth Drivers

Several sectors showed exceptional growth in July 2026. Petroleum products exports surged by 67.64% from US$4.13 billion to US$6.92 billion. Electronic goods exports grew by 57.40% from US$3.76 billion to US$5.92 billion. Engineering goods exports increased by 17.71% from US$10.40 billion to US$12.24 billion. Organic & inorganic chemicals exports rose by 14.39% from US$2.45 billion to US$2.80 billion, while cotton yarn/fabrics/made-ups and handloom products exports grew by 8.40% from US$1.02 billion to US$1.11 billion.

Services Trade Performance

Services exports for April-July 2026-27 were estimated at US$142.64 billion, growing 6.38% from US$131.15 billion in the previous year. Services imports reached US$73.47 billion compared to US$66.81 billion, resulting in a services trade surplus of US$69.17 billion versus US$64.35 billion in April-July 2025-26. For July 2026 alone, services exports were estimated at US$35.89 billion (up from US$33.74 billion) while services imports were US$18.94 billion (up from US$17.30 billion).

Trade Partner Analysis

The data revealed significant changes in trade patterns with key partners. Top export destinations showing positive growth in July 2026 included Kenya (151.41%), Singapore (83.7%), Malaysia (73.03%), China (64.57%), and USA (12.85%). For the April-July period, Singapore (97.11%), Tanzania (131.2%), Sri Lanka (111.76%), South Africa (69.75%), and China (35.97%) showed the strongest growth. On the import side, Russia (83.85%), Oman (150.36%), Taiwan (111.3%), China (34.42%), and USA (18.11%) were top sources showing growth in July 2026, while for April-July, Oman (200.68%), Brazil (166.84%), Russia (59.65%), USA (22.42%), and China (29.68%) led import growth.

Note: Services data for July 2026 is estimated as the latest RBI data available was for June 2026, and April-July 2025-26 data has been revised on a pro-rata basis using quarterly balance of payments data.