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India's FY26 Exports Hit $860 Billion, Trade Deficit Widens to $119 Billion

India's merchandise and services exports grew to $860.09 billion in the 2025-26 financial year, a 4.22% increase from the previous year. However, imports grew at a faster rate of 6.47%, reaching approximately $970 billion, leading to a widening of the overall trade deficit to $119.30 billion. While services exports remained a strong contributor, the value of gold imports rose significantly despite a drop in quantity, driven by higher prices. Silver imports saw a dramatic surge in both value and quantity, contributing to the increased import bill.

Key Points: India's FY26 Exports Rise 4.22%, Trade Deficit Widens

  • Exports rise 4.22% to $860.09 bn
  • Imports grow faster at 6.47% to ~$970 bn
  • Trade deficit widens to $119.30 bn
  • Gold imports value up, quantity down
  • Silver imports surge in value and quantity
2 min read

India's exports rise 4.22% to USD 860.09 bn in FY26; imports grow 6.47 pc, trade deficit widens

India's exports grew to $860.09 bn in FY26, but imports rose faster, widening the trade deficit to $119.30 bn. Gold & silver imports see sharp value increases.

"The overall trade deficit... widened to USD 119.30 billion in 2025-26 from USD 94.66 billion in 2024-25. - Commerce Data"

New Delhi, April 15

India's exports surged by 4.22 per cent to USD 860.09 billion in the financial year 2025-26, while imports rose at a faster pace of 6.47 per cent to around USD 970 billion, leading to a widening of the overall trade deficit, according to data shared by Commerce Secretary Rajesh Agrawal.

The data further highlighted that the total exports stood at USD 860.09 billion in 2025-26 compared to USD 825.26 billion in 2024-25. Imports increased from USD 919.92 billion in the previous financial year to around USD 970 billion in 2025-26.

As a result, the overall trade deficit (merchandise and services combined) widened to USD 119.30 billion in 2025-26 from USD 94.66 billion in 2024-25.

Merchandise exports saw a modest rise to USD 441.78 billion in 2025-26 from USD 437.70 billion in the previous year. Merchandise imports increased to USD 774.98 billion from USD 721.20 billion, reflecting higher inbound shipments.

Services exports continued to remain a strong contributor, rising to USD 418.31 billion in 2025-26 from USD 387.55 billion in 2024-25. Services imports also increased to USD 204.42 billion from USD 198.72 billion.

Data also showed that overall trade excluding petroleum and gems and jewellery maintained a balanced position. Exports in this category rose to USD 777.98 billion from USD 732.05 billion, while imports increased to USD 702.98 billion from USD 653.31 billion. The trade surplus, however, narrowed slightly to USD 75.00 billion from USD 78.74 billion by USD 3.74 billion.

Among key commodities, gold imports saw a rise in value, even as the quantity declined. The value of gold imports increased from USD 58.01 billion in 2024-25 to USD 71.98 billion in 2025-26. However, the quantity of gold imports fell from 757.09 tons to 721.03 tons, indicating that the increase was largely driven by higher prices. The unit value of gold rose from USD 76,617.48 per kg to USD 99,825.38 per kg.

Silver imports, on the other hand, recorded a sharp increase in both value and quantity. The value of silver imports rose significantly from USD 4.83 billion in 2024-25 to USD 12.05 billion in 2025-26. The quantity surged from 5,164.37 tons to 7,334.96 tons, the unit value also increased from USD 934.72 per kg to USD 1,642.93 per kg.

Over the longer term, data show that India's overall trade deficit has remained elevated. The deficit stood at USD 121.62 billion in 2022-23 and moderated to USD 78.39 billion in 2023-24 before rising again to USD 94.66 billion in 2024-25 and further to USD 119.30 billion in 2025-26.

- ANI

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Reader Comments

R
Rajesh Q
The numbers look impressive at first glance, but the devil is in the details. A 4.22% export growth is being outpaced by 6.47% import growth. This isn't sustainable. The government needs policies to boost manufacturing exports, not just services.
A
Aman W
Look at that silver import jump! From $4.83 bn to $12.05 bn? That's huge. Must be for solar panels and electronics manufacturing. Shows our industrial demand is growing, which is a positive sign for the economy in the long run.
S
Sarah B
As someone working in IT services, the rise in services exports to over $418 billion is fantastic news! It means more global contracts and job security for people in our sector. Hope this momentum continues.
K
Karthik V
The gold import data is telling. We bought less quantity but paid more because prices shot up. This is household savings going into gold, as always. But with such a high trade deficit, maybe we need to gently discourage non-essential gold imports? Just a thought.
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Nikhil C
Overall trade excluding petroleum and gems is in surplus! That's the key takeaway. It means our core trade is healthy. The deficit is driven by oil and gold, which are price-volatile. We need to push for electric vehicles and renewable energy to reduce the oil import burden.

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