India’s exports climbed to $73.45 billion in June 2026, growing 9.48% from a year earlier, but a sharper 26.85% jump in imports to $88.76 billion left the country staring at a trade deficit of $15.32 billion, which is more than five times the shortfall recorded in June 2025, according to data released Monday by the Ministry of Commerce and Industry.
Deficit widens across the quarter too
The pattern held over the full April-June quarter. Exports rose 11.37% to $232.73 billion, buoyed by a 15.92% jump in merchandise shipments to $129.32 billion.
But imports grew even faster, up 17.55% to $270.15 billion, stretching the merchandise trade deficit to $86.86 billion — up from $68.75 billion in the same quarter last year. Non-petroleum exports, often seen as a gauge of underlying industrial demand, grew a more modest 12.44% to $106.30 billion.
Jewellery and engineering goods lead the export charge
Gems and jewellery exports jumped 34.64% in June to $2.41 billion, the standout performer among major categories. Engineering goods followed with 20.74% growth to $11.48 billion, while organic and inorganic chemicals rose 19.42% to $2.77 billion.
Electronic goods and rice also posted double-digit gains. On the import side, the government’s data pointed to a pullback in project goods, silver, and precious stones, all of which fell sharply.
Services remain a bright spot
Away from the volatility in merchandise trade, services continued to run a comfortable surplus.
Services exports for the quarter rose 6.16% to $103.41 billion against imports of $53.97 billion, leaving a surplus of $49.43 billion — a shade higher than last year’s $47.90 billion, and one of the few numbers in the release moving in India’s favour.
Shifting trade partners
The data also hinted at some geographic churn in India’s trade map. Oman, South Africa and Malaysia saw the sharpest jump in Indian exports in June, while Taiwan and Russia recorded the steepest rise among import sources — a reminder that even as the headline deficit widens, the underlying trade relationships are far from static.
