India’s Merchandise Exports Jump 23% to US$ 44.40 Billion in September; First-Half Shipments Rise 18.51% to US$ 259.89 Billion: FIEO

New Delhi, October 15, 2026: India’s merchandise exports surged 23 per cent year-on-year to US$ 44.40 billion in September 2026, lifting exports for the first half of 2026–27 by 18.51 per cent to US$ 259.89 billion. The strong performance came as imports rose by a comparatively modest 8 per cent to US$ 74.61 billion, narrowing the merchandise trade deficit to US$ 30.21 billion and underscoring the resilience of Indian exporters amid tariff uncertainties, geopolitical tensions and logistics challenges.
Welcoming the performance, S C Ralhan, President, Federation of Indian Export Organisations (FIEO), said: “September’s strong export growth is an encouraging affirmation of India’s competitiveness in a challenging global trading environment. Our exporters continue to respond to uncertainty with agility, strengthening their presence across markets and product categories. The broad-based contribution of traditional and emerging sectors adds depth to this performance.”
Merchandise exports during April–September 2026–27 reached US$ 259.89 billion, growing 18.51 per cent over US$ 219.30 billion in the corresponding period of the previous year. Higher shipments of electronic goods, engineering goods, petroleum products, chemicals, and agricultural products supported this expansion.
“The strength of the first-half performance lies in the diversity of its growth drivers. Technology-intensive exports are adding momentum alongside established sectors such as engineering, chemicals, and agriculture. Sustaining this balance, while expanding our market reach, will be crucial in the second half of the financial year,” Ralhan observed.
India’s total exports of goods and services are estimated at US$ 476.20 billion during April–September 2026–27, an increase of 13.84 per cent over US$ 418.31 billion a year earlier. Despite tariff-related disruptions, the United States remained India’s largest merchandise export destination during the first half of the financial year. India’s imports from the US also increased by 26 per cent to US$ 32.33 billion, compared with US$ 25.66 billion in the corresponding period last year.
“The US retaining its position as our largest merchandise export market underscores the importance of this economic partnership. Alongside strengthening established trade relationships, we must accelerate efforts to diversify export destinations and create fresh opportunities for Indian businesses,” the FIEO President said.
The combined merchandise and services trade deficit in September narrowed to US$ 13.30 billion, against US$ 14.17 billion a year earlier, even as combined imports increased to US$ 94.05 billion from US$ 86.93 billion. Ralhan described the improvement as a positive development, noting that stronger exports were helping contain the overall trade gap despite rising imports.
Looking ahead, Ralhan emphasised that continued policy support, competitive export finance, predictable trade and logistics costs, and faster market diversification would be essential to sustain growth.
“This strong first-half performance provides a firm foundation to advance towards India’s US$ 1 trillion export ambition. The priority now is to translate this momentum into sustained orders and deeper market penetration. With an enabling policy environment, India can expand high-value and technology-intensive exports, build on its traditional strengths and strengthen its participation in global value chains,” he added.