India’s merchandise exports rose 23.04% year-on-year to $44.4 billion in September, supported by strong growth in petroleum products, electronics and chemicals, while the trade deficit narrowed to $30.21 billion.
New Delhi, October 15 — India’s merchandise exports recorded strong growth in September, rising 23.04% to $44.4 billion from $36.08 billion in the same month last year, according to government data.
Imports increased 8% year-on-year to $74.61 billion, resulting in a merchandise trade deficit of $30.21 billion. The deficit was lower than the $33 billion recorded in September 2025, although it widened from $26.86 billion in August 2026.
The export growth was driven by strong shipments of petroleum products, electronic goods and chemicals. Petroleum product exports rose 31.9% to $6.2 billion, electronic goods exports surged 70.44% to $5.3 billion, while chemical exports increased 24.21% to $3 billion during the month.
High crude oil prices amid the West Asia crisis helped improve realisations from petroleum product exports.
On the import side, gold and silver shipments fell sharply. Gold imports declined 81.27% to $1.8 billion, while silver imports dropped 49.11% to $665 million.
However, crude oil imports increased 30.76% to $18.34 billion, reflecting elevated global energy prices. Brent crude has remained above $100 per barrel in recent weeks.
For the first half of FY27, covering April to September, India’s merchandise exports increased 18.51% to $259.89 billion, while imports rose 16.31% to $437.53 billion.
The trade deficit during April-September widened to $177.64 billion, compared with $156.88 billion in the same period of 2025-26.
Commerce Secretary Rajesh Agarwal said exports are maintaining their growth momentum and expressed hope that merchandise exports could cross $500 billion if the current trend continues. India’s merchandise exports stood at $442 billion in 2025-26.
Services exports were estimated at $36.35 billion in September, while services imports stood at $19.44 billion.
Federation of Indian Export Organisations President SC Ralhan said the strong first-half performance provides a solid foundation for India’s broader export ambitions, with focus now shifting to deeper market penetration and higher-value exports.
