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India sees marginal growth in merchandise exports in January

17 Feb 2026 Evaluate

The commerce ministry in its latest data has showed that India’s merchandise exports rose marginally by 0.61 per cent to $36.56 billion in January 2026 as compared to $36.34 billion in January 2025. Merchandise imports rose 19.2 per cent - the highest so far this fiscal - to a three-month high of $71.24 billion in January 2026 as compared to $59.77 billion recorded a year ago, driven by a sharp rise in inbound shipments of gold and silver due to higher prices. As a result, trade deficit (difference between imports and exports) widened to a three-month high of $34.68 billion in January 2026 from $23.43 billion a year ago. 

According to the data, cumulatively, merchandise exports during April-January 2025-26 were $366.63 billion as compared to $358.75 billion during April-January 2024-25. Merchandise imports during April-January 2025-26 were $649.86 billion as compared to $606.13 billion during April-January 2024-25. Merchandise trade deficit during April-January 2025-26 was $283.23 billion as compared to $247.38 billion during April-January 2024-25.  

Non-petroleum and non-gems & jewellery exports in January 2026 were $30.47 billion as compared to $29.86 billion in January 2025. Non-petroleum and non-gems & jewellery exports in April-January 2025-26 were $297.41 billion, compared to $281.59 billion in April-January 2024-25. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in January 2026 were $42.56 billion compared to $41.53 billion in January 2025. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-January 2025-26 were $414.52 billion, compared to $381.21 billion in April-January 2024-25.   


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