India's Services Exports Rise to $421.3 Billion in FY26, Lifting Share in Total Exports to 48.8%

India's services sector accounted for 48.8% of the country's total exports in FY26, up from 33.8% in FY15, according to data released by the Ministry of Commerce and Industry.  

The increase comes as services exports expanded at a faster pace than merchandise shipments over the past 12 years. 

India's Exports Reach Record High in FY26 

Combined exports of goods and services stood at a record $863.1 billion in FY26, compared with $468 billion in FY15.  

During the period, total exports registered a compound annual growth rate (CAGR) of 5.7%. The rise in services exports contributed significantly to the overall growth in outbound trade. 

India’s Services Outperform Merchandise Exports 

Services exports increased from $158.1 billion in FY15 to $421.3 billion in FY26, recording a CAGR of 9.3%. Software services remained the largest contributor, accounting for more than 40% of services exports, while professional and management consulting services formed the second-largest segment.  

The only decline during the period was recorded in FY21 due to the pandemic. 

India’s Merchandise and Non-Petroleum Exports 

Merchandise exports rose from $310 billion in FY15 to $441.7 billion in FY26, growing at a CAGR of 3.3%. Non-petroleum exports reached a record $387.9 billion in FY26, exceeding $374.1 billion in FY25.  

The segment had remained largely unchanged during the pandemic before recovering from FY22 onwards. 

Trade Facilitation Measures 

The government said a series of trade facilitation measures were introduced during the period, including the simplification of 47 export-related processes, automated Foreign Trade Policy procedures, auto-validation of Importer Exporter Codes and the launch of an export promotion mission aimed at supporting exporters. 

Read More: India Gold Imports Surge 34% to $3.41 Billion, While Silver Imports Decline 86.65% in May 2026! 

Conclusion 

The rise in services exports has altered the composition of India's export basket, with the sector's share reaching 48.8% in FY26. Merchandise exports also recorded growth, though at a slower pace over the same period. 

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