India’s Trade Deficit Widens To $3.96 Billion In February 2026 as Imports Surge

India’s overall trade balance turned negative in February 2026 as imports rose sharply. A government estimate on March 16, 2026, put the monthly deficit at $3.96 billion.

This compares with a surplus of $2.72 billion in February 2025. Total exports were $76.13 billion, while total imports were $80.09 billion.

Headline Numbers for February 2026

The figures show a swing from surplus to deficit as import grqowth outpaced exports. Exports of goods and services rose to $76.13 billion year on year.

Imports increased faster to $80.09 billion. The result was a $3.96 billion deficit versus a $2.72 billion surplus a year earlier. The comparison highlights the scale of the monthly shift.

Merchandise And Services Breakdown

Merchandise imports rose to $63.71 billion from $51.33 billion. Merchandise exports edged lower to $36.61 billion from $36.91 billion.

Services exports increased to $39.53 billion from $31.65 billion. Services imports rose to $16.38 billion from $14.51 billion.

• Merchandise: Exports $36.61 bn; Imports $63.71 bn.
• Services: Exports $39.53 bn; Imports $16.38 bn.
• Overall totals: Exports $76.13 bn; Imports $80.09 bn.
• Balance moved from +$2.72 bn to -$3.96 bn year on year.

Gold And Silver Import Trends

Pricing shifts lifted precious metal import values in April–January 2025–26. Gold imports by value rose 20.06% to $61.46 billion from $51.19 billion.

Silver import value jumped 128.54% to $9.78 billion from $4.28 billion. These trends added to the merchandise import bill and framed the monthly data.

Read More: India’s Finished Steel Exports Rise.

Strong Services Exports Fail to Offset Rising Goods Imports

The estimates were released on March 16, 2026, for the February 2026 trade. The reversal from a surplus a year earlier reflects stronger goods inflows.

Services exports grew strongly but could not offset higher imports. The mix shows resilience in services alongside a larger goods import burden.

Conclusion

India recorded a $3.96 billion deficit in February 2026 as imports outpaced exports. Total exports were $76.13 billion, compared with imports of $80.09 billion.

Goods exports softened and goods imports rose, while services stayed strong. Higher gold and silver import values over April–January 2025–26 provide added context to the wider gap.

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