India posts record exports

India’s exports of goods and services reached a record $860.09 billion in the fiscal year ended March 2026, according to the Commerce Ministry. (pib.gov.in) The figure covers April 2025 through March 2026, and it was up 4.22% from $825.26 billion a year earlier. Merchandise exports rose to $441.78 billion from $437.70 billion, while services exports reached $418.31 billion. (pib.gov.in) Imports grew faster than exports over the same period. Total imports rose 6.47% to $979.40 billion, leaving an overall trade deficit of about $119.31 billion. (pib.gov.in) March closed with weaker year-on-year trade flows, but some export categories still advanced. The Commerce Ministry listed petroleum products and engineering goods among the main drivers of merchandise export growth in March 2026. (pib.gov.in) Engineering-linked shipments are getting attention because they sit inside a broader manufacturing push. India’s defence exports separately hit a record ₹38,424 crore in FY 2025-26, up 62.66% from ₹23,622 crore a year earlier, according to the Defence Ministry. (thehindu.com) Commerce and Industry Minister Piyush Goyal said on April 15 that India had set a new export record despite “global headwinds.” He also said nine trade agreements concluded by India would help open additional markets. (economictimes.indiatimes.com) The timing matters because the global backdrop has turned more fragile in April 2026. The International Monetary Fund cut its 2026 world growth forecast to 3.1%, and the United Nations Conference on Trade and Development said trade growth was continuing but becoming more exposed to geopolitical and shipping risks. (imf.org) (unctad.org) UNCTAD said global trade reached a record $35 trillion in 2025, but it also warned that early-2026 growth was being lifted partly by higher prices, not just higher volumes. That makes India’s $860.09 billion export total a strong nominal result, but not a clean read on volume growth by itself. (unctad.org 1) (unctad.org 2) The official Indian release also includes a caveat on the services side. Services data for March 2026 had not yet been fully published by the Reserve Bank of India, so the March services figure in the annual total was an estimate. (pib.gov.in) For now, the headline is straightforward: India finished FY 2025-26 with its highest export total on record, even as imports rose faster and the trade gap widened. (pib.gov.in)