India’s exports rose 4.22% to USD 860.09 billion in FY 2025–26, while imports grew at a faster 6.47% to about USD 970 billion, resulting in a wider overall trade deficit, according to data shared by Commerce Secretary Rajesh Agrawal.
Total exports increased from USD 825.26 billion in 2024–25 to USD 860.09 billion in 2025–26. During the same period, imports climbed from USD 919.92 billion to around USD 970 billion.
As a result, India’s combined merchandise and services trade deficit widened to USD 119.30 billion in 2025–26, up from USD 94.66 billion in the previous fiscal year.
Merchandise exports saw a marginal rise to USD 441.78 billion in 2025–26 from USD 437.70 billion a year earlier, while merchandise imports increased more sharply to USD 774.98 billion from USD 721.20 billion.
Services continued to be a strong driver of trade performance. Services exports rose to USD 418.31 billion from USD 387.55 billion, while services imports also increased to USD 204.42 billion from USD 198.72 billion.
Excluding petroleum and gems and jewellery, India’s trade position remained broadly balanced. 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. However, the trade surplus in this segment narrowed slightly to USD 75.00 billion from USD 78.74 billion.
Among commodities, gold imports increased in value despite a decline in quantity. Gold import value rose to USD 71.98 billion in 2025–26 from USD 58.01 billion in 2024–25, even as volumes fell from 757.09 tonnes to 721.03 tonnes, driven by higher prices. The unit value increased from USD 76,617.48 per kg to USD 99,825.38 per kg.
Silver imports surged both in value and volume. Their value jumped to USD 12.05 billion from USD 4.83 billion, while quantities rose from 5,164.37 tonnes to 7,334.96 tonnes. Unit prices also increased from USD 934.72 per kg to USD 1,642.93 per kg.
Over the longer term, India’s trade deficit has remained elevated. It stood at USD 121.62 billion in 2022–23, improved to USD 78.39 billion in 2023–24, and then widened again to USD 94.66 billion in 2024–25 before reaching USD 119.30 billion in 2025–26.
(With inputs from ANI)