Despite the imbalance on the import front, the ministry maintained that India’s overall trade performance remains robust, with cumulative exports for the first 10 months of the financial year showing healthy expansion.
Exports rise across merchandise, services, and key markets
Overall exports between April 2025 and January 2026 grew 6.15%, climbing to $720.76 billion, compared with $679.02 billion during the same period a year earlier.
Services trade continued to outperform, with exports rising to $354 billion, up from $320 billion in the year-ago period.
Exports to the United States, India’s largest market, increased from $68.46 billion to $72.46 billion in the first 10 months of the fiscal year.
The ministry said it expects the positive trajectory to continue through February and March 2026, keeping India on track to cross $860 billion in overall exports by the end of the financial year. Merchandise exports alone are projected to exceed $410 billion for the first time.
Gold imports edge up despite lower volumes
On the import front, precious metals contributed significantly to the widening deficit. Gold imports in January 2026 recorded a 1.83% increase in value, even though the quantity imported was lower. The spike was driven by a 24.62% jump in unit prices, according to the ministry.
Silver imports also rose, adding pressure to the monthly deficit.
