India's total exports reached an all-time high of $863 billion in FY 2025-26, according to Additional Secretary in the Department of Commerce, Ajay Bhadoo. Speaking at the Outreach Programme in Ahmedabad, Bhadoo highlighted that this achievement came despite significant challenges including US tariffs and West Asia crises. The country's overall exports have nearly doubled from approximately $441 billion to $863 billion over the last decade, driven by sectors such as engineering goods, petroleum products, electronics, pharmaceuticals, gems & jewellery, and chemicals. As per Commerce and Industry Minister Piyush Goyal, despite 50% tariffs imposed by the US, India's exports in 2025-26 recorded healthy growth, demonstrating remarkable resilience in the face of global economic uncertainties.
India's exports demonstrated remarkable resilience in the first quarter of FY 2026-27, with merchandise exports rising 15% during April-June 14 despite global economic uncertainties, as per Commerce and Industry Minister Piyush Goyal. Speaking during an interaction with chartered accountants in Mumbai, Goyal noted that exports climbed to a six-month high of 18% to $45.2 billion in May, while the trade deficit widened to $28.21 billion. During April-May 2026-27, exports rose 16.09% to $88.91 billion and imports jumped 15.14% to $145.35 billion, with the trade deficit standing at $56.44 billion during the period. The Commerce Ministry is scheduled to release official trade data for June on July 15.
India's exports have seen particularly strong growth aided by strong oil exports, in the wake of high prices of crude and petroleum products, as noted by Commerce Minister Piyush Goyal. Goyal expects this momentum to continue, driven by the trade agreements being signed. The UK FTA will be operational from July 15, with almost zero duty opening almost the entire Europe market for India. The EU's FTA will be signed by December and will be effective by February-March, while trade agreements with Switzerland, Norway are already effective since October. The next major development is the US trade deal, with US Trade Representative Jaimeson Greer landing in the Capital on Monday for talks on Tuesday and Wednesday in what is seen as a move to keep things ready for negotiations.
India has the potential to significantly expand its exports to BRICS countries, targeting $200 billion by 2030 from $96 billion in the last fiscal year, according to industry chamber Assocham. The chamber identified key focus segments including electronic equipment, minerals and metal products, chemicals, auto and auto components, textiles, leather, engineering products, pharma products, gems and jewellery, rice, food and marine products. Assocham believes India's exports can reach $200 billion by 2030, with its share of BRICS countries' global imports rising to 4% by 2030 through enhanced south-south co-operation. India's current trade with the BRICS bloc stands at $417 billion in FY26, representing a significant opportunity for further growth.
ICICI Bank's latest report indicates that India's Current Account Deficit may narrow to 1.6% of GDP in FY27 as lower oil prices and improving exports support the external sector. The report notes that India's merchandise trade deficit remained largely unchanged at $28.2 billion in May, compared with $28.4 billion in April. While the oil trade deficit widened to $14.3 billion from $9.0 billion in the previous month, this was offset by a narrowing of the non-oil, non-gold deficit to $10.5 billion from $13.7 billion. As per RBI's monthly estimate, India's current account moved to a surplus of $4.7 billion in April 2026, compared with a $4.8 billion deficit in April 2025. ICICI Bank expects the Balance of Payments to return to surplus in FY27 after remaining in deficit over the last two years, with the Rupee moving to 94.6/dollar levels from a peak of 96.96/dollar last month.
