Key Details
The trade release shows a strong September increase in merchandise exports, alongside a different picture for services that month and for the overall trade balance across the first half of FY 2026–27.
Indicator | September 2026, Year-on-Year | April–September 2026–27, Year-on-Year |
|---|---|---|
Merchandise exports | US$44.40 billion, up about 23% | US$259.89 billion, up 18.51% |
Services exports | US$36.35 billion, down from US$36.67 billion* | US$216.31 billion, up 8.69%* |
Combined exports | US$80.75 billion, up 10.99%* | US$476.20 billion, up 13.84%* |
Combined imports | US$94.05 billion, up 8.19%* | US$551.13 billion, up 15.68%* |
Overall trade deficit | US$13.30 billion, narrower than US$14.17 billion* | US$74.93 billion, wider than US$58.10 billion* |
*September services figures are estimates: the latest services data released by the RBI are for August. The Ministry has also revised some comparison-period figures using quarterly balance-of-payments data.
Electronics and Engineering Goods Lead September’s Goods Growth
Merchandise exports rose from US$36.08 billion to US$44.40 billion in September. Electronics recorded particularly rapid growth — up 70.44% to US$5.31 billion — while engineering-goods exports increased 20.91% to US$12.17 billion. Petroleum products and chemicals also contributed to the increase.
The expansion was not confined to petroleum: non-petroleum exports rose from US$31.37 billion to US$38.18 billion in September. For April–September, exports excluding both petroleum and gems and jewellery reached US$203.41 billion, compared with US$175.06 billion a year earlier.
Services Support the Half-Year Total, Not September’s Increase
Estimated services exports grew 8.69% across April–September, generating a US$102.71 billion services surplusthat offset part of the merchandise deficit. In September alone, however, estimated services exports were slightly belowtheir year-earlier level. The month’s export growth was therefore driven by goods, rather than by simultaneous growth in both parts of trade.
A Narrower September Gap Sits Within a Wider Half-Year Deficit
In September, the overall trade deficit narrowed year-on-year to US$13.30 billion as combined exports grew faster than imports. The cumulative position moved the other way: over April–September, imports rose 15.68%, outpacing the 13.84% increase in exports. The merchandise deficit widened to US$177.64 billion; the larger services surplus only partly offset it, leaving an overall deficit of US$74.93 billion.
Policy Relevance
The release points to stronger non-petroleum goods exports, including electronics and engineering products—useful evidence for tracking the breadth of India’s export expansion. It also shows why export growth and the trade balance must be read separately: import growth exceeded export growth over the half-year, even though September’s monthly deficit narrowed.
The next services data release matters to that assessment. September’s services figures, and therefore the combined trade figures, remain estimates until the underlying data are available.
Follow the Full Release Here: Ministry of Commerce and Industry: India’s Trade, September 2026