India achieved its biggest ever monthly export number of $80.8 billion in April 2026, demonstrating remarkable resilience despite global economic disruptions. According to NiryatSetu, this record performance came while the world was dealing with wars, blocked shipping routes and US tariffs. Overall exports increased by 13.6% year-on-year, with goods exports reaching a record $43.56 billion and services exports at $37.2 billion. The trade deficit narrowed to $7.81 billion, indicating improved balance of payments. This exceptional performance comes as India faces unprecedented economic pressures from the Iran war and rising oil prices, with Prime Minister Narendra Modi's recent appeal for Indians to reduce gold purchases and foreign travel.
India's Central Board of Indirect Taxes & Customs (CBIC) has implemented significant changes to the country's tariff structure for precious metals and edible oils. The amendments affect gold, silver, palm oil, and soybean oil imports, representing a shift in India's trade policy approach for these commodities. The government has now sharply raised import duties on gold and silver to 15%, significantly higher than previous rates, as reported by The Times of India. Despite these increases, the government has also reduced tariff values for gold to $1,508 per 10 grams and silver to $2,810 per kilogram, providing some relief to importers and consumers of these precious metals.
The tariff changes also include increases for edible oil imports. Crude palm oil now carries a tariff value of $1,205 per metric tonne, while crude soya bean oil has been assigned a tariff value of $1,256 per metric tonne. These increases may impact the cost of importing these essential cooking oils for the Indian market. The government has updated the benchmark import prices as well, with these oils being widely used in households and the food processing industry. With oil prices at $100 per barrel, the government had absorbed the price shock for two months but recently raised petrol and diesel prices for the first time in four years, with Delhi retailers increasing rates by three rupees per litre.
India's record export performance reflects successful diversification efforts across markets and products. According to NiryatSetu, India entered 1,821 new product-country combinations in FY26, with engineering goods leading the charge at $10.35 billion. Exports to Singapore nearly tripled in one year, while exports to UAE dropped sharply due to Gulf disruptions, but India's total numbers still hit record levels because other markets picked up the slack. This diversification strategy has enabled India to maintain strong export growth even as global trade faces significant challenges from geopolitical tensions and supply chain disruptions.
