New Delhi’s trade figures paint a picture of steady progress as India’s total exports—merchandise and services combined—climbed 11.05 percent year-over-year to $76.13 billion in February 2026, the Commerce Ministry announced Monday.
The momentum builds on a strong FY26 start, with April-February exports projected at $790.86 billion, surpassing the previous year’s $747.58 billion by a healthy margin.
Merchandise exports dipped marginally to $36.61 billion from February 2025’s $36.91 billion, but services exports exploded by nearly 25 percent to $39.53 billion from $31.65 billion, more than offsetting any slowdown.
Year-to-date, merchandise hit $402.93 billion (up 1.84 percent), while services reached $387.93 billion (up over 10 percent).
Spotlighting top performers: Engineering goods led with a 12.90 percent increase to $10.36 billion; electronics followed at 10.37 percent to $4.18 billion; chemicals grew 6.85 percent to $2.38 billion; gems and jewelry edged up 4.08 percent to $2.64 billion; and agri-products like meat, dairy, and poultry surged 22.66 percent to $0.55 billion.
On the import side, merchandise inflows rose to $713.53 billion for April-February, inflating the trade gap to $310.60 billion from $261.80 billion last year. Services imports inched up to $186.98 billion, but the services surplus expanded impressively to $200.96 billion from $170.69 billion.
Analysts attribute the services boom to India’s IT prowess and global demand for business process outsourcing. As FY26 progresses, policymakers are eyeing export incentives to sustain this trajectory, potentially easing pressure on foreign reserves and stabilizing the currency.
With global trade fragmented by protectionism, India’s diversified export basket—from tech to gems—positions it well for sustained growth, though containing import costs will be key to fiscal health.