India's total exports — merchandise and services combined — reached an estimated $80.75 billion in September 2026, registering a year-on-year growth of 10.99 per cent compared to September 2025, according to government data released on Thursday, 15 October 2026. The figures, published by the Ministry of Commerce and Industry, point to a sustained outbound trade momentum even as global demand conditions remain uneven.

H1 FY27 Cumulative Performance

For the April–September 2026-27 period, cumulative total exports are estimated at $476.20 billion, up from $418.31 billion in the same period of FY26 — an estimated growth of 13.84 per cent. Within this, merchandise exports alone stood at $259.89 billion for the first half, compared to $219.30 billion in April–September 2025-26, marking an 18.51 per cent jump — the sharper of the two components.

Services exports for September came in at an estimated $36.35 billion, marginally down from $36.67 billion in September 2025. For the cumulative April–September 2026-27 period, services exports are estimated at $216.31 billion, against $199.02 billion in the comparable period of FY26. The services trade surplus for April–September 2026-27 widened to $102.71 billion, from $98.77 billion a year earlier.

Top Export Destinations: Where the Gains Came From

Among India's export partners in September 2026, the highest positive growth in value terms was recorded with Singapore (169.16 per cent), Malaysia (119.69 per cent), Egypt (90.09 per cent), the United States (47.99 per cent), and China (24.05 per cent).

For the cumulative April–September period, Tanzania led growth at 122.51 per cent, followed by Singapore (103.05 per cent), Malaysia (82.85 per cent), China (36.07 per cent), and the US (11.11 per cent). The US's strong September showing is notable given headwinds in global discretionary spending, while Singapore and Malaysia's outsized gains may partly reflect re-export and routing dynamics.

Sectors Driving Merchandise Export Growth

Several high-value sectors posted robust growth in September 2026 year-on-year. Electronic goods led with 70.44 per cent growth, followed by other cereals (49.88 per cent), handicrafts excluding hand-made carpets (43.19 per cent), and meat, dairy, and poultry products (35.18 per cent). Petroleum products rose 31.9 per cent, while plastic and linoleum gained 24.81 per cent, organic and inorganic chemicals 24.21 per cent, engineering goods 20.91 per cent, and gems and jewellery 18.95 per cent.

The electronics surge is particularly significant — it aligns with India's expanding role in global supply chains for smartphones and consumer devices, a structural shift that PLI incentives have accelerated over the past three years.

Import Picture and Trade Balance

Total imports — merchandise and services — for September 2026 are estimated at $94.05 billion, growing 8.19 per cent year-on-year. With exports at $80.75 billion, the overall trade gap for the month stands at an estimated $13.30 billion. The fact that import growth at 8.19 per cent lagged export growth at 10.99 per cent suggests a modest compression in the trade deficit — a positive signal for the current account.

India's export trajectory in FY27 will face a sterner test in the second half, as global demand uncertainty, commodity price volatility, and any further shifts in US trade policy could affect key partner markets. The services surplus remains a structural cushion, but sustaining the merchandise momentum — especially in electronics — will be critical to meeting any full-year export targets.