India’s combined merchandise and services exports reached an estimated USD 399.27 billion during April-August 2026-27, rising 15.55% year-on-year as merchandise, services and non-petroleum exports recorded growth.
India’s export performance during the first five months of FY27 showed expansion across merchandise, services and non-petroleum segments. Combined merchandise and services exports during April-August 2026-27 were estimated at USD 399.27 billion, compared with USD 345.55 billion during the corresponding period last year.
Imports increased 18.01% to USD 459.65 billion during the period, resulting in a combined trade deficit of USD 60.38 billion.
Merchandise exports contributed USD 215.91 billion to the five-month total, up from USD 183.21 billion a year earlier. Services exports were estimated at USD 183.36 billion, compared with USD 162.34 billion during April-August 2025-26.
Services exports are estimated to have grown 12.95% year-on-year and generated a surplus of USD 86.71 billion, compared with USD 79.94 billion in the corresponding period last year.
Growth within merchandise trade also extended beyond petroleum and gems and jewellery. Non-petroleum exports increased to USD 180.61 billion during April-August 2026-27 from USD 157.89 billion a year earlier. Exports excluding petroleum and gems and jewellery rose to USD 168.69 billion from USD 146.52 billion.
In August alone, non-petroleum and non-gems and jewellery exports reached USD 34.68 billion, compared with USD 28.26 billion in August 2025.
Several merchandise categories recorded strong year-on-year growth during August. Electronic goods exports increased 89.82%, while engineering goods exports rose 24.86%. Iron ore recorded growth of 126.3%, while petroleum product exports increased 63.27%.
Meat, dairy and poultry products, handicrafts excluding handmade carpets, marine products, plastics and linoleum, coffee, and organic and inorganic chemicals also registered positive growth.
Export growth was spread across several international markets. During April-August 2026-27, exports to Singapore increased 96.56%, Tanzania 129%, China 38.71% and Malaysia 75.4%. Shipments to the United States increased 6.17% compared with the corresponding period last year.
August recorded sharper growth in some destinations, with exports to Tanzania rising 214.52% year-on-year, Spain 196.47% and Singapore 160.96%.
Despite higher exports across multiple segments and destinations, faster import growth kept the overall trade balance in deficit. The combined trade deficit increased to USD 60.38 billion during April-August 2026-27 from USD 43.94 billion during the corresponding period of FY26.
