India’s overall exports, merchandise and services combined, increased by 13.16 per cent year-on-year to USD 80.45 billion in January 2026, compared with USD 71.09 billion in January 2025, according to data released by the Commerce Ministry on Monday. However, overall imports during the month grew at a faster pace of 18.77 per cent, rising to USD 90.83 billion from USD 76.48 billion in January 2025, the ministry data showed.
As a result, India’s overall trade deficit, merchandise and services combined, widened significantly to USD 10.38 billion in January 2026, nearly doubling from USD 5.39 billion in the corresponding month last year. In January, both merchandise and services exports and imports rose. Merchandise exports rose from USD 36.34 billion to USD 36.56 billion, while services exports rose from USD 34.75 billion to USD 43.90 billion.
Commerce Secretary Rajesh Agrawal said overall trade growth for the first 10 months (April-January), the cumulative value of overall exports, including both merchandise and services, is estimated at USD 720.76 billion as compared to USD 679 billion in corresponding period during the last financial year. It is an estimated growth of 6.15 per cent and increased around approximately USD 40 billion.
“This year we expect to cross USD 860 billion in total exports of merchandising and services. In services, we expect to cross USD 410 billion this year (2025-2026),” said Agrawal.
India’s total exports had touched an all-time high of USD 824.9 billion in financial year 2024-25. This marked a yearly growth of 6.01 per cent over USD 778.1 billion exports in 2023-24, setting a new annual milestone. The 2024-25 exports exceeded the initial anticipation of USD 800 billion.
India’s overall imports, merchandise and services combined, during April-January of 2025-26 increased by 6.54 per cent year-on-year to USD 823.41 billion, compared with USD 772.85 billion in the corresponding period of 2024-25, according to the data. Merchandise imports during the April-January period stood at USD 649.86 billion in 2025-26, up 7.21 per cent from USD 606.13 billion recorded in the same period of the previous fiscal.
Services imports grew at a more moderate pace of 4.10 per cent, rising to USD 173.55 billion from USD 166.72 billion in April-January 2024-25.
