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

India's Ministry of Commerce & Industry released comprehensive trade data showing robust growth in both exports and imports during the first quarter of fiscal year 2026-27. The cumulative value of exports (merchandise and services combined) reached $232.73 billion during April-June 2026-27, representing an 11.37% growth compared to $208.98 billion in the same period of the previous year. Total imports grew even more significantly, increasing by 17.55% to $270.15 billion from $229.82 billion in April-June 2025-26. This resulted in a widening trade deficit of $37.42 billion, compared to $20.85 billion in the previous year.

Monthly Performance: June 2026

For the month of June 2026, total exports stood at $73.45 billion, showing a 9.48% growth compared to June 2025. Total imports reached $88.76 billion, registering a substantial 26.85% increase year-over-year. The monthly trade balance consequently deteriorated to a deficit of $15.32 billion, significantly higher than the $2.89 billion deficit recorded in June 2025.

Merchandise Trade Breakdown

Merchandise exports performed strongly with $129.32 billion in April-June 2026-27, marking a 15.92% increase from $111.57 billion in the previous year. Merchandise imports grew to $216.18 billion from $180.31 billion, resulting in a merchandise trade deficit of $86.86 billion compared to $68.75 billion in April-June 2025-26. Non-petroleum exports valued at $106.30 billion showed a 12.44% growth, while non-petroleum and non-gems & jewellery exports reached $99.04 billion, up from $87.88 billion in the previous year.

Key Export Drivers

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

Services Trade Performance

Services exports reached $103.41 billion in April-June 2026-27, showing a 6.16% growth from $97.41 billion in the previous year. Services imports stood at $53.97 billion compared to $49.51 billion. The services trade surplus remained healthy at $49.43 billion, slightly higher than the $47.90 billion surplus in April-June 2025-26. For June 2026 alone, services exports were estimated at $33.03 billion with imports at $17.92 billion.

Regional Trade Patterns

Significant changes were observed in trade partnerships. 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%). For imports, Russia led with 85.02% growth, followed by China (40.26%), USA (33.86%), UAE (24.62%), and Taiwan (135.03%). Over the quarter, Singapore (101.16%), Tanzania (146.89%), South Africa (76.49%), Sri Lanka (124.63%), and China (27.54%) were the top growing export markets.

Additional Commodity Performance

Other notable export performers included Other Cereals (244.29% growth), Handicrafts excluding Hand Made Carpet (59.69%), Meat, Dairy & Poultry Products (54.63%), and Iron Ore (49.97%). On the import side, Project Goods (-85.44%), Silver (-73.62%), Pearls, Precious & Semi-Precious Stones (-16.83%), Chemical Material & Products (-12.13%), and Vegetable Oil (-2.58%) recorded negative growth in June 2026.