India's Goods Exports Rose 23 Per Cent to US$44.40 Billion in September 2026, Taking the First Six Months of 2026-27 to US$259.89 Billion

India’s goods exports were US$44.40 billion in September 2026, up from US$36.08 billion in September 2025, according to the Commerce Ministry’s trade release of 15 October 2026. The Commerce Secretary put the rise at 23.04 per cent when he briefed the press, the Tribune reported that day.

Goods exports, which the ministry calls merchandise exports, are physical products such as phones, machinery and chemicals. For April to September 2026, the first half of the financial year 2026-27, they came to US$259.89 billion against US$219.30 billion a year earlier, a rise of 18.51 per cent or US$40.59 billion. By tuput’s arithmetic that six-month total is already 58.8 per cent of the US$441.8 billion of goods India exported in the whole of 2025-26, the full-year figure the ministry gave on 28 July 2026. The record year as a whole is covered in our piece on India’s 2025-26 exports.

September in the ministry’s tables

The release sets each September 2026 figure beside the same month of 2025. Exports other than petroleum products were US$38.18 billion against US$31.37 billion, which works out to a rise of about 21.7 per cent. Exports that leave out both petroleum and gems and jewellery were US$34.81 billion against US$28.53 billion, a rise of about 22.0 per cent by the same arithmetic.

For the half year, non-petroleum exports were US$218.70 billion, up 15.56 per cent from US$189.26 billion. Exports excluding petroleum and gems and jewellery were US$203.41 billion against US$175.06 billion.

Electronics and engineering goods led the month

The release names five product groups as the main drivers of September’s growth. Electronic goods rose 70.44 per cent, from US$3.11 billion to US$5.31 billion. Engineering goods rose 20.91 per cent, from US$10.06 billion to US$12.17 billion, which is about 27 per cent of the month’s goods exports by our arithmetic. Organic and inorganic chemicals rose 24.21 per cent to US$2.94 billion, and cotton yarn, fabrics, made-ups and handloom products rose 20.76 per cent to US$1.12 billion. By tuput’s arithmetic, electronics added US$2.20 billion and engineering goods US$2.11 billion, the two largest gains among the five groups.

Petroleum products rose 31.90 per cent, from US$4.71 billion to US$6.22 billion. The Tribune’s report noted that Brent crude futures have stayed above US$100 a barrel amid the conflict involving Iran. Maritime Gateway, in its account of the data, cautioned that a rise in export value does not necessarily mean the same rise in cargo volumes, because prices and the mix of goods also move the figure.

Electronics exports were well above the year-earlier level in every month of the quarter. The ministry’s monthly releases show electronic goods exports of US$5.92 billion in July (against US$3.76 billion in July 2025), US$5.55 billion in August (against US$2.93 billion) and US$5.31 billion in September (against US$3.11 billion). How the phone side of that business grew is set out in our piece on smartphones becoming India’s largest export.

Three months at about US$44 billion

Goods exports were US$44.24 billion in July 2026, US$43.81 billion in August and US$44.40 billion in September. The year-earlier figures were US$36.98 billion, US$34.74 billion and US$36.08 billion. In August the rise was 26.12 per cent, a figure Maritime Gateway gave for that month.

The six-month total has been climbing at each release. Cumulative goods exports were US$173.78 billion for April to July, up 17.04 per cent. The 15 September release put April to August at US$215.91 billion, up 17.85 per cent. The 15 October release puts April to September at US$259.89 billion, up 18.51 per cent.

The second quarter and the services estimate

Exports of goods and services together are estimated at US$80.75 billion for September, up 10.99 per cent from US$72.76 billion. The ministry’s note says the Reserve Bank has published services data only up to August, so the September services figure is an estimate: US$36.35 billion, against US$36.67 billion in September 2025. That is why the combined rise is smaller than the goods-only 23 per cent.

For the July to September quarter, the Commerce Secretary said total exports grew 15.84 per cent, against 11.84 per cent in April to June, the Tribune reported. The ministry’s report puts the quarter’s total at about US$242.6 billion, compared with US$233.6 billion in April to June, and the Tribune says it is the highest figure recorded for a second quarter. For April to September, total exports of goods and services are estimated at US$476.20 billion, up 13.84 per cent from US$418.31 billion.

News On AIR reported on 16 October that goods exports to the United States were around US$51 billion in April to September, against US$45.73 billion in the same months last year, and that the Commerce Secretary said talks on a proposed India-US trade agreement were moving in the right direction.

What the Reserve Bank and the exporters’ federation said

The Reserve Bank’s Monetary Policy Committee met from 5 to 7 October 2026, and its resolution lists a rebound in merchandise exports among the supports for the 7.8 per cent GDP growth in April to June (the quarter’s figure is covered in our piece on India’s GDP numbers). For July and August, it says merchandise exports were registering double-digit growth. It adds that bilateral trade agreements should boost merchandise exports. One of those, the agreement with the United Kingdom, came into force on 15 July 2026, a date the Commerce Ministry’s table gives; our piece on the India-UK trade agreement covers it.

The president of the Federation of Indian Export Organisations responded to the September data on 15 October. He said exporters had shown resilience through uncertain tariffs, geopolitical tensions and logistics difficulties, and he called for wider diversification of markets and sectors in the second half of the year, according to Maritime Gateway.

Imports and the trade gap

Goods imports were US$74.61 billion in September, up about 8 per cent from US$69.08 billion. Because exports grew faster, the goods trade deficit narrowed to US$30.21 billion from US$33.00 billion. The Tribune notes that the figure is above August’s US$26.86 billion.

Over the half year, goods imports were US$437.53 billion against US$376.17 billion, up 16.31 per cent, and the goods trade deficit was US$177.64 billion against US$156.88 billion. A services surplus of US$102.71 billion, an estimate, offsets part of it, leaving an overall deficit on goods and services of US$74.93 billion against US$58.10 billion a year earlier. The ministry’s release says the figures for April to September 2025-26 and April to June 2026-27 have been revised pro rata using the Reserve Bank’s quarterly balance of payments data.