India’s Trade Grows in January 2026 with Higher Merchandise and Services Activity

India recorded notable expansion in trade during January 2026. Combined merchandise and services exports reached US$ 80.45 Billion, showing a positive year‑on‑year rise.

Imports for the same period were estimated at US$ 90.83 Billion and also registered strong growth. The data indicates continued momentum in external trade despite global uncertainties.

Merchandise Trade Performance in January 2026

Merchandise exports in January 2026 were estimated at US$ 36.56 Billion. This figure remained broadly stable compared with the US$ 36.34 Billion recorded in January 2025.

Merchandise imports, however, rose significantly to US$ 71.24 Billion from US$ 59.77 Billion in the previous year. The increase in merchandise imports contributed to a wider goods‑sector trade deficit.

Services Trade Estimates and Data Notes

Services exports for January 2026 were estimated at US$ 43.90 Billion. This represents an increase when compared with the US$ 34.75 Billion figure from January 2025.

Services imports rose to US$ 19.60 Billion from US$ 16.71 Billion a year earlier. The January 2026 services data is based on estimates, as the latest confirmed figures from the Reserve Bank of India are available only up to December 2025.

Overall Trade Balance and Combined Trends

India’s total trade, combining merchandise and services, reached US$ 80.45 Billion in exports and US$ 90.83 Billion in imports for January 2026. These results compare with US$ 71.09 Billion in exports and US$ 76.48 Billion in imports recorded in January 2025.

The overall trade balance stood at a deficit of US$ 10.38 Billion in January 2026. This deficit widened from the US$ 5.39 Billion seen in the same month of the previous year.

April–January 2025–26 Cumulative Trade Overview

India’s total exports during April–January 2025–26 were estimated at US$ 720.76 Billion. This reflects a positive growth rate of 6.15% over the previous comparable period.

Total imports for April–January 2025–26 were estimated at US$ 823.41 Billion, rising by 6.54%. Both export and import figures for earlier months have been revised on a pro‑rata basis using quarterly balance‑of‑payments data.

Read More: India’s Sugar Exports Cross 2 Lakh Tonnes.

Conclusion

The trade data for January 2026 shows firm growth across merchandise and services. Higher imports led to a wider trade deficit, but the overall expansion in exports highlights resilient external demand.

The cumulative April–January figures also point to steady progress in India’s global trade performance. The estimates underline India’s ongoing engagement with global markets during the 2025–26 financial cycle.

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