India's total exports hit $232.73 billion in Q1 FY27, up 11.37% despite global headwinds
Synopsis
India's exports crossed $232.73 billion in Q1 FY27, growing 11.37 per cent despite global headwinds — with gems and jewellery surging nearly 35 per cent and non-petroleum exports outpacing the headline number. The data suggests India's export diversification is gaining real traction, even as a widening merchandise trade deficit signals rising import pressure.
Key Takeaways
India's total exports (merchandise + services) reached $232.73 billion in Q1 FY27 (April-June 2026) , up 11.37 per cent year-on-year.
Merchandise exports rose to $129.32 billion from $111.57 billion ; merchandise trade deficit widened to $86.86 billion .
Services exports stood at $103.41 billion , with a services trade surplus of $49.43 billion .
Non-petroleum exports grew 12.44 per cent to $106.30 billion , outpacing overall merchandise growth.
Gems and jewellery led June 2026 growth at +34.64 per cent ; engineering goods rose 20.74 per cent ; electronics up 18.93 per cent .
Data released by the Commerce Ministry on 13 July 2026 .
India's total exports — merchandise and services combined — reached $232.73 billion in April-June 2026 (Q1 FY27), marking a growth of 11.37 per cent over the same quarter last year, according to data released by the Commerce Ministry on Monday, 13 July 2026. The figures signal a robust external sector performance even as global trade conditions remain under pressure from geopolitical tensions and demand uncertainty in key markets.
Merchandise and Services: The Full Picture
Merchandise exports for April-June FY27 stood at $129.32 billion, up from $111.57 billion in the same period of FY26. However, the merchandise trade deficit widened to $86.86 billion in Q1 FY27, compared to $68.75 billion a year earlier — a reflection of rising import volumes alongside export growth.
On the services front, estimated exports for April-June 2026-27 came in at $103.41 billion, against $97.41 billion in the corresponding quarter of FY26. The services trade surplus held firm at $49.43 billion, compared to $47.90 billion in April-June 2025-26, continuing to act as a partial counterweight to the merchandise deficit.
June 2026 Snapshot
In June 2026 alone, merchandise exports reached $40.41 billion, up sharply from $34.98 billion in June 2025. Estimated services exports for the month were $33.03 billion, compared to $32.11 billion in June 2025, according to the official data.
Cumulative non-petroleum exports for April-June FY27 were valued at $106.30 billion, registering an increase of 12.44 per cent over $94.54 billion in the same period of FY26 — indicating that the export momentum is broad-based and not solely driven by energy commodity prices.
Key Sectors Driving Growth
Several sectors posted strong double-digit gains in June 2026. Gems and jewellery led with a 34.64 per cent jump — from $1.79 billion in June 2025 to $2.41 billion in June 2026. Engineering goods rose 20.74 per cent, climbing from $9.51 billion to $11.48 billion.
Organic and inorganic chemicals exports grew 19.42 per cent — from $2.32 billion to $2.77 billion. Electronic goods exports increased 18.93 per cent, from $4.14 billion to $4.93 billion, reflecting India's expanding electronics manufacturing base. Rice exports surged 16.48 per cent, from $0.86 billion to $1.00 billion, according to the official data.
What the Numbers Mean for India's Trade Outlook
This comes amid a period of significant global trade disruption, with several major economies grappling with softening demand and supply-chain realignments. India's ability to post double-digit export growth in this environment points to diversification gains and improving competitiveness in high-value categories such as electronics and chemicals. Notably, the non-petroleum export growth rate of 12.44 per cent outpaced overall merchandise export growth, suggesting structural rather than commodity-driven momentum. The widening merchandise trade deficit, however, remains a variable to watch as import demand picks up alongside domestic economic activity.
Point of View
But the widening merchandise trade deficit — up from $68.75 billion to $86.86 billion in a single year — deserves equal attention. Export growth driven by gems, engineering, and electronics is structurally healthier than a commodity spike, but the deficit expansion suggests import demand is accelerating faster. If global demand softens in Q2, India's export momentum faces a real test — and the services surplus, while steady, may not be enough to cushion a sharper merchandise gap.
NationPress
13 Jul 2026
Frequently Asked Questions
What was India's total export figure for Q1 FY27?
India's total exports — merchandise and services combined — reached $232.73 billion in April-June 2026 (Q1 FY27), registering a growth of 11.37 per cent over the same quarter in FY26, according to Commerce Ministry data released on 13 July 2026.
Which sectors drove India's merchandise export growth in June 2026?
Gems and jewellery led with a 34.64 per cent increase, followed by engineering goods (+20.74%), organic and inorganic chemicals (+19.42%), electronic goods (+18.93%), and rice (+16.48%), according to official data.
What is India's merchandise trade deficit for Q1 FY27?
The merchandise trade deficit for April-June FY27 widened to $86.86 billion, compared to $68.75 billion in the same period of FY26, reflecting higher import volumes alongside export growth.
How did India's services exports perform in Q1 FY27?
Services exports for April-June 2026-27 were estimated at $103.41 billion, up from $97.41 billion a year earlier. The services trade surplus stood at $49.43 billion, compared to $47.90 billion in April-June 2025-26.
What is the significance of non-petroleum export growth?
Cumulative non-petroleum exports for April-June FY27 grew 12.44 per cent to $106.30 billion, outpacing overall merchandise export growth. This indicates the export momentum is broad-based and not solely dependent on energy commodity price movements.
