The cumulative exports (merchandise & services) during April-February 2025-26 is estimated at US$ 790.86 Billion, as compared to US$ 747.58 Billion in April-February 2024-25, an estimated growth of 5.79%.
1. At a Glance
- India's cumulative exports (merchandise + services) during April-February 2025-26 are estimated at US$ 790.86 Billion, up from US$ 747.58 Billion in the same period of 2024-25 — a growth of 5.79% [S1][S2].
- Headline release of the Ministry of Commerce & Industry (Department of Commerce, DGFT/DGCI&S); services data sourced from RBI (Feb 2026 services figure is an estimate) [S1].
- Critical for UPSC GS-III (external sector, BoP) and Prelims (current data, schemes like FTP 2023, RoDTEP).
2. Why in the News
- Monthly trade release of March 2026 by Department of Commerce showed exports crossing US$ 790 Bn in the first 11 months of FY26, signalling resilience despite Red Sea disruption, tariff headwinds and a widening merchandise trade deficit [S1][S3].
- Merchandise trade deficit in February 2026 widened to US$ 27.10 Bn, almost double the US$ 14.42 Bn of Feb 2025, raising concern over import surge (gold, silver, electronics) [S3].
3. Background & Evolution
- India's export tracking by Directorate General of Commercial Intelligence and Statistics (DGCI&S), Kolkata (under Dept. of Commerce); services data from RBI.
- Foreign Trade Policy (FTP) 2023 (launched 1 April 2023) targets US$ 2 Trillion in exports by 2030.
- Trajectory: FY 2023-24 total exports US$ 778.13 Bn; FY 2024-25 US$ 820.93 Bn (+5.50%) [S2].
- April-January 2025-26 cumulative was US$ 720.76 Bn vs US$ 679.02 Bn (+6.15%) [S2].
4. Core Static Facts
| Indicator (Apr-Feb 2025-26) | Value | YoY Change |
|---|---|---|
| Total exports (merch + services) | US$ 790.86 Bn | +5.79% [S1] |
| Merchandise exports | US$ 402.93 Bn (vs 395.66) | +1.84% [S1] |
| Non-Petroleum merchandise exports | US$ 354.12 Bn (vs 337.17) | +5.03% [S1] |
| Total exports Feb 2026 (single month) | US$ 76.13 Bn | +11.05% [S1][S3] |
| Services exports Feb 2026 | US$ 39.53 Bn (vs 31.65) | — [S1] |
| Engineering Goods Feb 2026 | US$ 10.36 Bn (vs 9.17) | +12.90% [S1] |
| Merchandise trade deficit Feb 2026 | US$ 27.10 Bn | +88% [S3] |
- Nodal ministry: Ministry of Commerce & Industry; data agencies: DGCI&S (merchandise) + RBI (services) [S1].
- Key sector drivers (Feb 2026): Engineering Goods, Electronic Goods, Organic & Inorganic Chemicals, Gems & Jewellery, Meat-Dairy-Poultry [S1].
5. Multi-Dimensional Analysis
Economic - Services growth (~+25% YoY in Feb) is offsetting tepid merchandise growth (+1.84% cumulative) — confirms India's services-led external sector [S1][S3]. - Trade deficit pressure: Feb 2026 merchandise imports up 24% YoY to US$ 63.71 Bn, led by gold/silver and electronics components [S3].
Geopolitical / Strategic - Resilience comes despite Red Sea/Houthi disruption, US tariff uncertainty and slowing global demand — relevant for WTO and FTA negotiations (India-UK FTA, India-EU, India-Oman) [S3]. - Electronics imports surge tied to PLI-driven assembly (smartphones, semiconductors) — high import intensity for now [S3].
Administrative / Policy - FTP 2023 instruments: RoDTEP, RoSCTL, Advance Authorisation, EPCG, Districts as Export Hubs. - PM GatiShakti & National Logistics Policy 2022 seek to compress logistics costs (~13-14% of GDP) to single digits.
Sectoral - Engineering Goods remain the single largest merchandise basket — +12.9% in Feb 2026 [S1]. - Electronics continues fastest-growing export but also fastest-growing import — net effect on trade balance is negative [S3].
6. Recent Developments (12-18 months)
- Apr-Sep 2025: Cumulative exports US$ 413.30 Bn (+4.45%) [S2].
- Apr-Nov 2025: US$ 562.13 Bn (+5.43%) [S2].
- Apr-Jan 2025-26: US$ 720.76 Bn (+6.15%) [S2].
- Apr-Feb 2025-26: US$ 790.86 Bn (+5.79%) — current data point [S1].
- April 2026 (new FY): Total exports US$ 80.80 Bn vs 71.13 Bn (+13.59%) — start of FY 2026-27 [S2].
- Provisional FY 2025-26 full year: US$ 860.09 Bn vs 825.26 Bn FY24-25 (+4.22%) [S2].
7. Prelims Hooks
- Cumulative exports Apr-Feb 2025-26: US$ 790.86 Bn — growth 5.79% [S1].
- Merchandise Apr-Feb 2025-26: US$ 402.93 Bn, growth 1.84% [S1].
- Non-petroleum merchandise exports cumulative: US$ 354.12 Bn, +5.03% [S1].
- Services exports Feb 2026 (estimate): US$ 39.53 Bn [S1].
- Engineering Goods Feb 2026: US$ 10.36 Bn, +12.90% YoY [S1].
- Merchandise trade deficit Feb 2026: US$ 27.10 Bn (nearly 2× Feb 2025) [S3].
- Services data source: RBI; merchandise data source: DGCI&S, Kolkata [S1].
- Nodal Ministry: Ministry of Commerce & Industry (not Ministry of Finance) [S1].
- FTP 2023 target: US$ 2 Trillion exports by 2030.
- FY 2024-25 full-year exports: US$ 820.93 Bn, +5.50% [S2].
- Five Feb-2026 drivers: Engineering, Electronics, Chemicals, Gems & Jewellery, Meat-Dairy-Poultry [S1].
- April-Jan 2025-26 growth was 6.15%, decelerated to 5.79% by Apr-Feb [S1][S2].
8. Mains Relevance
- GS Paper III — Indian Economy: "Effects of liberalisation on the economy", "Growth, development and employment", "External sector and balance of payments".
- Possible question stems: 1. "India's services exports have emerged as the principal cushion for a widening merchandise trade deficit. Discuss in the context of FY 2025-26 trade data." 2. "Examine how the Foreign Trade Policy 2023 and PLI scheme jointly shape India's export competitiveness." 3. "The surge in electronics imports threatens to offset gains from electronics exports. Critically analyse."
9. Related Topics to Study Next
- Foreign Trade Policy 2023 — overarching framework for export targets.
- RoDTEP & RoSCTL — WTO-compatible export remission schemes.
- PLI Scheme (14 sectors) — directly drives electronics, pharma, engineering exports.
- India-UK FTA / India-EU FTA / India-EFTA TEPA (2024) — market access drivers.
- Balance of Payments & Current Account Deficit — services surplus is the cushion.
- National Logistics Policy 2022 & PM GatiShakti — cost competitiveness.
- WTO disputes & MC13 outcomes — fisheries, agri subsidies relevant to India.
- Districts as Export Hubs (DEH) — decentralised export promotion.
10. Common Errors / Trap Areas
- Confusing DGCI&S (Kolkata, data) with DGFT (Delhi, policy) — both under Dept. of Commerce.
- Merchandise data is provisional; services data of latest month is RBI estimate (final lag of ~1 month) [S1].
- Cumulative growth (5.79%) differs from single-month growth (11.05% in Feb 2026) — questions may swap the two.
- Non-petroleum exports growth (5.03%) ≠ total merchandise growth (1.84%) — distinct figures.
- FTP target is US$ 2 Trillion (merchandise + services + e-commerce combined) by 2030, not US$ 1 Trillion (an earlier merchandise-only target).
11. Sources
- [S1] Press Release Page | PIB — Apr-Feb 2025-26 trade data (PRID 2240674) — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2240674 — (tier: 1)
- [S2] PIB releases — Apr-Jan 2025-26 (PRID 2228785), FY 2024-25 (PRID 2122016), FY 2025-26 provisional (PRID 2252272), Apr 2026 (PRID 2261383), Apr-Nov 2025 (PRID 2204071), Apr-Sep 2025 (PRID 2179604) — https://www.pib.gov.in/ — (tier: 1)
- [S3] DD News — "India's exports grow 5.79% to $790.86 bn between April 2025–February 2026" — https://ddnews.gov.in/en/indias-exports-grow-5-79-to-790-86-billion-between-april-2025-february-2026/ — (tier: 1)
