India’s total exports (goods and services combined) in May 2026 are estimated at US$ 81.96 billion, up 15.83% from US$ 70.76 billion in May 2025. Total imports rose 19.23% to US$ 92.47 billion from US$ 77.55 billion, resulting in a trade deficit of US$ 10.51 billion.
Merchandise exports in May 2026 increased to US$ 45.20 billion from US$ 38.30 billion a year earlier. Merchandise imports climbed to US$ 73.41 billion from US$ 60.86 billion, reflecting strong growth in trade activity.
Services exports for May 2026 are estimated at US$ 36.76 billion, compared with US$ 32.46 billion in May 2025. Services imports rose to US$ 19.06 billion from US$ 16.70 billion, keeping India in a healthy services trade surplus position.
For the first two months of FY27 (April–May 2026-27), total exports are estimated at US$ 162.69 billion, up 14.66% from US$ 141.89 billion in the same period last year. Total imports increased 14.38% to US$ 182.83 billion, while the overall trade deficit widened to US$ 20.13 billion from US$ 17.96 billion.
Merchandise exports during April–May 2026-27 reached US$ 88.91 billion, registering 16.09% growth over US$ 76.59 billion last year. Merchandise imports increased to US$ 145.35 billion from US$ 126.24 billion, resulting in a merchandise trade deficit of US$ 56.44 billion.
Non-petroleum exports during April–May 2026-27 stood at US$ 70.74 billion, up from US$ 64.03 billion, a growth of 10.49%. Non-petroleum and non-gems & jewellery exports rose to US$ 65.89 billion from US$ 59.15 billion, while corresponding imports increased to US$ 91.97 billion from US$ 81.19 billion.
Services exports during April–May 2026-27 are estimated at US$ 73.79 billion, compared with US$ 65.30 billion a year ago. Services imports rose to US$ 37.48 billion from US$ 33.61 billion, taking the services trade surplus to US$ 36.31 billion, up from US$ 31.69 billion.
Major export drivers in May 2026 were Petroleum Products, Engineering Goods, Organic & Inorganic Chemicals, Electronic Goods, and Gems & Jewellery. Petroleum product exports jumped 54.89% to US$ 8.42 billion, Engineering Goods rose 24.48% to US$ 12.31 billion, Chemicals increased 12.71% to US$ 2.72 billion, Electronic Goods grew 11.62% to US$ 5.10 billion, and Gems & Jewellery exports rose 6.66% to US$ 2.53 billion.
Among export categories, the highest growth was seen in Other Cereals (+262.73%), followed by Petroleum Products (+54.89%), Meat, Dairy & Poultry Products (+42.51%), Oil Meals (+24.61%), and Engineering Goods (+24.48%). Imports of Silver (-86.65%), Project Goods (-64.05%), Chemical Materials (-63.58%), and Pearls & Precious Stones (-26.5%) recorded sharp declines.
Singapore, South Africa, Tanzania, Italy, and Sri Lanka were among the fastest-growing export destinations in May 2026. On the import side, the strongest growth came from Russia (+63.46%), China (+23.4%), USA (+54.43%), Oman (+305.66%), and Brazil (+358.83%). For April–May 2026-27, Singapore, Tanzania, Sri Lanka, South Africa, and China led export growth, while Russia, China, Oman, USA, and Brazil were the fastest-growing import sources.
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