India's Merchandise Exports Jump 23% to $44.4 Billion
India's merchandise exports hit USD 44.4 billion in September, driving a narrowing trade deficit and record-breaking quarterly performance.
India's trade sector witnessed a massive surge in September 2026, as merchandise exports skyrocketed by over 23 per cent. According to the latest data released by the Ministry of Commerce and Industry, the country's merchandise shipments reached USD 44.40 billion, a significant leap from the USD 36.08 billion recorded during the same month last year.
Trade Deficit Narrows as Exports Lead the Charge
While imports also saw an uptick, the robust growth in shipments helped pull the merchandise trade deficit in a positive direction. The deficit narrowed to USD 30.21 billion in September, compared to the USD 33 billion recorded in September of the previous year. During this period, total imports rose to USD 74.61 billion from USD 69.08 billion.
The momentum was not limited to physical goods alone. When combining merchandise and services, India's overall export value climbed by 10.99 per cent, reaching an estimated USD 80.75 billion, up from USD 72.76 billion a year ago. This broader growth helped the combined trade deficit shrink to USD 13.30 billion from USD 14.17 billion.
Key Sectors Driving the Growth
Commerce Secretary Rajesh Agrawal noted during a press briefing that merchandise shipments were the primary engine behind this strong performance. The surge was fueled by high demand and increased shipments across several critical sectors, including:
- Electronic goods
- Petroleum products
- Engineering goods
- Chemicals
- Agricultural products
Record-Breaking Second Quarter Performance
The data highlights an accelerating trend in India's export capabilities. The second quarter of the current financial year has significantly outperformed the first quarter. While the first quarter saw an overall export growth of 11.84 per cent, the second quarter's growth accelerated to 15.84 per cent.
In a historic milestone, the ministry's presentation revealed that India's total exports for the July–September 2026 period reached an estimated USD 242.6 billion. This marks the highest ever recorded for a second quarter, surpassing the USD 233.6 billion achieved during the April–June period.