Merchandise and Services Exports Surge: India Crosses US$ 232 Billion Mark as Global Trade Deficit Widens
India’s trade performance shows a significant uplift in exports for the April-June 2026-27 quarter, with cumulative merchandise and services exports estimated at US$ 232.73 Billion. This marks an estimated growth of 11.37% compared to the previous quarter. The performance was driven by robust growth across key manufactured goods and specialized service sectors.The total imports for the period were estimated at US$ 270.15 Billion, indicating a widening trade deficit of US$ 37.42 Billion in the quarter. This data provides insight into both domestic industrial strength and evolving global market dynamics.
Merchandise Exports Reach US$ 129.32 Billion
Merchandise exports registered strong growth during the April-June period, reaching US$ 129.32 Billion. This figure compares favorably against US$ 111.57 Billion in the same period of April-June 2025-26, signaling solid progress in commodity and manufactured goods movement.The merchandise trade deficit during this quarter was recorded at US$ 86.86 Billion, which is an increase from the US$ 68.75 Billion deficit seen in April-June 2025-26. This highlights persistent import demands within the domestic economy.
Key Drivers Fuel Merchandise Growth
Several high-growth sectors provided a strong foundation for the merchandise export surge. Gems & Jewellery exports saw an impressive increase of 34.64%, rising from US$ 1.79 Billion in June 2025 to US$ 2.41 Billion in June 2026.Engineering Goods also performed exceptionally well, registering a 20.74% rise and reaching US$ 11.48 Billion in June 2026. Similarly, Organic & Inorganic Chemicals exports increased by 19.42%, climbing from US$ 2.32 Billion in June 2025 to US$ 2.77 Billion in June 2026.
Other contributing sectors included Electronic Goods (up 18.93%) and Rice exports, which saw a 16.48% jump in June 2026 compared to the previous year.
Non-Petroleum Trade Snapshot
Analyzing trade excluding Petroleum and Gems & Jewellery reveals sustained growth across various categories during April-June 2026-27. Non-petroleum exports reached US$ 106.30 Billion, up from US$ 87.88 Billion in the prior year.Meanwhile, non-petroleum imports amounted to US$ 155.56 Billion against US$ 140.22 Billion in April-June 2025-26. This indicates a significant reliance on intermediate and specialized goods inputs.
In June 2026 alone, the exports excluding petroleum and gems & jewellery stood at US$ 33.13 Billion compared to US$ 28.73 Billion in June 2025.
Services Sector Surpluses and Growth Trajectory
The services sector demonstrated resilience, with estimated service exports reaching US$ 103.41 Billion for the April-June 2026-27 quarter. This represents a growth of 6.16% compared to the previous year's performance.Services imports were estimated at US$ 53.97 Billion during this period, up from US$ 49.51 Billion in April-June 2025-26. The services trade surplus stood strongly at US$ 49.43 Billion for the quarter, indicating a healthy contribution to the overall balance.
In June 2026, service exports were estimated at US$ 33.03 Billion, marginally up from US$ 32.11 Billion in June 2025.
Global Trade Deficit and Partner Analysis
Total trade for April-June 2026-27 saw a deficit of US$ 37.42 Billion (Exports US$ 232.73 Billion vs. Imports US$ 270.15 Billion). For the month of June 2026, merchandise exports were estimated at US$ 40.41 Billion, while total trade was US$ 73.45 Billion.In terms of global engagement, Singapore (101.16%) leads among the top five export destinations for April-June 2026-27 compared to the prior year. Tanzania Rep (146.89%), South Africa (76.49%), Sri Lanka Dsr (124.63%), and China P Rp (27.54%) also showed positive growth in their respective market share increases.
Key import sources for the April-June 2026-27 quarter include Russia (52.68%), China P Rp (27.94%), Oman (221.81%), USA (23.82%), and Brazil (174.69%).
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