India’s merchandise exports rose by 6.75% in September 2025 to USD 36.38 billion, compared to USD 34.08 billion in the same month last year, according to data released by the Ministry of Commerce and Industry on Wednesday.
The growth comes despite tariff hikes by major trading partners, including the United States, and a challenging global trade environment.
However, the trade gap widened as imports surged 16.7% year-on-year to USD 68.53 billion, compared to USD 58.74 billion in September 2024.
With services data estimated based on August figures, India’s combined merchandise and services trade deficit rose sharply to USD 16.61 billion in September, nearly doubling from USD 8.60 billion in the same month last year.
Total exports (merchandise and services) stood at USD 67.20 billion, up slightly from USD 66.68 billion a year earlier, while total imports climbed to USD 83.82 billion, compared to USD 75.28 billion in September 2024.
The data shows that imports of gold, silver, fertiliser and electronics saw notable increases during the month, reflecting sustained domestic demand. Fertiliser imports have been particularly strong this year amid better demand conditions.
“This has been a turbulent year for trade given developments across the world pertaining to supply chains and market access,” said Rajesh Agrawal, Commerce Secretary. “But despite the turbulence during the first six months of FY26, total exports are higher than last year with USD 18 billion more than last year. Non-petroleum exports reached USD 189.49 billion during the first six months of FY26 – the highest ever for this period.”
India recorded total exports of USD 413.30 billion in the first six months of FY26, registering a 4.5% year-on-year growth. The Commerce Secretary said the performance reflected the resilience of the export sector amid global uncertainties.
“The supply chain has been maintained. We are doing better,” Agrawal added.
The widening gap between exports and imports highlights the continued demand for imported goods and services, even as India’s outbound shipments demonstrate resilience amid global economic uncertainties.
(With agency inputs)
