India's Trade Performance: April-September 2026-27
India's Ministry of Commerce & Industry reported strong trade performance for the first half of fiscal year 2026-27. The cumulative exports (merchandise and services combined) during April-September 2026-27 reached US$476.20 billion, representing significant growth of 13.84% compared to US$418.31 billion in the same period of 2025-26. Total imports during the same period were estimated at US$551.13 billion, showing a growth of 15.68% from US$476.42 billion in April-September 2025-26.
Monthly Trade Performance: September 2026
For September 2026 specifically, India's total exports (merchandise and services) were estimated at US$80.75 billion, registering positive growth of 10.99% compared to September 2025. Total imports for September 2026 were estimated at US$94.05 billion, showing growth of 8.19% year-over-year. The overall trade balance for September 2026 improved to a deficit of US$13.30 billion compared to US$14.17 billion in September 2025.
Merchandise Trade Breakdown
Merchandise exports showed particularly strong performance, reaching US$259.89 billion in April-September 2026-27, up 18.51% from US$219.30 billion in the same period last year. Merchandise imports grew to US$437.53 billion from US$376.17 billion, resulting in a merchandise trade deficit of US$177.64 billion, wider than the US$156.88 billion deficit in April-September 2025-26. Non-petroleum exports valued at US$218.70 billion registered growth of 15.56% during the period.
Sector-Specific Export Performance
Several key sectors drove export growth in September 2026. Electronic Goods exports surged by 70.44% from US$3.11 billion to US$5.31 billion. Petroleum Products exports grew by 31.90% from US$4.71 billion to US$6.22 billion. Organic & Inorganic Chemicals exports increased by 24.21% to US$2.94 billion, while Engineering Goods exports rose by 20.91% to US$12.17 billion. Cotton Yarn/Fabrics/Made-ups and Handloom Products exports grew by 20.76% to US$1.12 billion.
Services Trade and Regional Performance
Services exports during April-September 2026-27 were estimated at US$216.31 billion, growing 8.69% from US$199.02 billion in the previous year. Services imports reached US$113.60 billion compared to US$100.24 billion, resulting in a services trade surplus of US$102.71 billion. The data revealed significant growth in exports to key destinations including Singapore (169.16% growth in September 2026), Malaysia (119.69%), Egypt (90.09%), and USA (47.99%). Import growth was notable from Oman (331.82%), Brazil (143.13% in April-September), Russia (51.97%), and China (27.82%).
Data Qualifications
The services data for September 2026 is estimated as the latest actual data from RBI is for August 2026. Data for previous periods has been revised on a pro-rata basis using quarterly balance of payments data. The report covers comprehensive trade statistics including non-petroleum and non-gems & jewellery segments, with detailed commodity-wise and country-wise performance metrics.