India’s exports cross $400 bn in HI FY26 despite headwinds

Merchandise exports grew 6.75% in Sept, while imports surged 16.6%, widening the deficit to $32.15 bn

- Rajeev Jayaswal

Notwithstanding headwinds, India’s overall exports surpassed $400 billion in first half of 2025-26, posting 4.45% annualised increase registering positive growth on both goods and services, commerce secretary Rajesh Agrawal said, adding that New Delhi is actively engaged to finalise a free trade agreement with the European Union soon, while its team is already in the US to discuss “pathways” for a mutually beneficial trade deal.

Releasing trade data for the month of September and cumulative numbers for the first six months (April-September) of FY26, he said, “First six months last year (HI, FY25) we had done about $395 billion, this year (HI, FY26) it is over $413 billion. So, around $18 billion more than last year despite all headwinds... The growth story is not just services story... The growth in services has been from $182 billion (in HI, FY25) to $193 billion (Hl, FY26). Whereas, in goods from $213 bil-

lion (in Hl, FY25) to $220 billion (HI, FY26).”