India’s exports rose over 4% year-over-year to $413.3 billion in the first half of FY2025-26. This defied global trade turbulence caused by supply chain disruptions and market volatility, according to the Ministry of Commerce.

Despite a “turbulent year” for global trade, India maintained its growth momentum. It recorded its highest-ever second-quarter exports at $204.4 billion during July–September.

Goods exports increased from $213 billion to $220 billion. Meanwhile, services exports jumped from $182 billion to $193.7 billion. The rise in exports helped narrow the trade deficit, which was 2.28% lower than the same period last year. This occurred even as merchandise imports grew.

Export growth was seen across 24 countries, led by the US, UAE, China, Germany, Bangladesh, and Brazil. Shipments to the US rose sharply to $45.82 billion from $40.42 billion last year. However, exports to the Netherlands and Singapore fell due to weaker petroleum product demand.

On the import side, September saw higher purchases of electronics, silver, fertilisers, and gold, driven by increased smartphone manufacturing. However, gold imports overall were lower, down 8.7% in value and 25% in volume year-over-year.

Officials noted a recent dip in US-bound exports during August and September due to tariffs of up to 50%. A clearer picture is expected once October’s trade data is released.

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