Calling FY2025–26 a “turbulent year” for international trade, the ministry noted that while global supply chains and markets remained unsettled, India succeeded in staying on a growth trajectory. The country recorded its highest-ever overall exports for a second quarter—$204.4 billion—during the July to September period.
Goods exports rose from $213 billion to $220 billion in the first six months of the fiscal year, while services exports witnessed a sharper increase, climbing from $182 billion to $193.7 billion. Although merchandise imports drove import growth, the surge in exports helped narrow the trade deficit, which was 2.28% lower than in the same period last year.
Export growth was seen across 24 countries, led by the United States, United Arab Emirates, China, Germany, Bangladesh, and Brazil. Exports to the US alone rose significantly, from $40.42 billion in the first half of the previous fiscal to $45.82 billion in the current one. However, shipments to the Netherlands and Singapore declined, largely due to reduced petroleum product exports.
On the import front, September saw increases in electronics, silver, fertilisers, and gold. The ministry attributed the higher electronics and silver imports to heightened smartphone manufacturing activity. Nevertheless, cumulative gold imports were down—8.7% in value and 25% in volume—compared to the same period last year.
Officials acknowledged a month-on-month dip in exports to the US during August and September, particularly in sectors affected by tariffs of up to 50%. The full impact of these duties will become clearer once October’s trade data is available, they added.
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