India’s merchandise trade recorded strong growth in April 2026, marking a positive start to FY 2026–27. According to data released by the Department of Commerce, merchandise exports rose to USD 43.56 billion, registering a 13.78% year-on-year increase over April 2025.
Export growth was driven primarily by strong performance in sectors such as Other Cereals, Electronic Goods, and Meat, Dairy & Poultry Products. Electronic goods exports continued to expand significantly, reflecting the growing role of manufacturing and technology-led sectors within India’s export basket.
Merchandise imports also increased, reaching USD 71.94 billion, a 10.04% rise compared to the previous year. The increase was influenced by sharp growth in imports of silver, gold, and project goods, while imports of petroleum and crude products declined.
The data also showed major regional shifts in trade patterns. India recorded particularly high export growth to countries such as Sri Lanka, Singapore, and Tanzania, while imports from Peru rose sharply during the month.
The April trade figures indicate continuing expansion in both industrial and agricultural exports, alongside rising imports associated with domestic investment activity and precious metal demand.
Key Trade Benchmarks (April 2026)
Merchandise Exports: USD 43.56 billion (+13.78% YoY)
Merchandise Imports: USD 71.94 billion (+10.04% YoY)
Top Export Growth: Other Cereals (+210.19%), Electronic Goods (+40.31%), Meat/Dairy/Poultry (+48.03%)
Top Import Surge: Silver (+157.16%), Gold (+81.69%), Project Goods (+99.88%)
Petroleum Imports: Down 10.03% YoY
Major Export Markets: Sri Lanka (+214.65%), Singapore (+179.18%), Tanzania
Major Import Source Spike: Peru (+315%+)
What are "Project Goods"?
Project Goods refer to a specific category of imports that includes all machinery, instruments, and apparatus required for the initial setting up of a unit or for a substantial expansion of an existing industrial plant, irrigation project, or power project. These imports are often subject to a single, simplified tariff rate to facilitate infrastructure development. In April 2026, project goods imports grew by 99.88%, indicating a massive push in domestic industrial and infrastructure capacity building.
Policy Relevance
The trade data for April 2026 reflects a deepening of India's global trade integration and a shift toward high-value technology and agricultural exports.
Electronic Manufacturing Success: The 40.31% growth in electronic goods exports validates the success of the Production Linked Incentive (PLI) schemes, positioning India as a global electronics hub.
Agricultural Diplomacy: The massive spike in exports to Sri Lanka (+214.65%) and Bangladesh (+64.16%) underscores India's role as a critical food and resource security partner in South Asia.
Infrastructure Momentum: The nearly 100% growth in Project Goods imports signals an aggressive phase of domestic industrialisation and fixed-asset creation.
Managing the Gold/Silver Surge: The high growth in Gold (81.69%) and Silver (157.16%) imports will require close monitoring by the RBI to manage the current account impact and domestic liquidity.
Shift in Energy Imports: The 10.03% decline in Petroleum imports despite industrial growth suggests a potential improvement in energy efficiency or a shift toward alternative energy sources.
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