Last Updated:February 16, 2026, 17:18 IST

India’s overall trade deficit nearly doubles to $10.38 billion in January 2026 from $5.39 billion in January 2025.

India’s merchandise exports edged up from $36.34 billion to $36.56 billion.

India’s combined merchandise and services exports rose 13.16 per cent year-on-year to $80.45 billion in January 2026, up from $71.09 billion in the same month last year, according to data released by the commerce ministry on Monday. However, imports expanded at a faster pace of 18.77 per cent, climbing to $90.83 billion from $76.48 billion a year earlier.

As a result, the country’s overall trade deficit nearly doubled to $10.38 billion in January 2026 from $5.39 billion in January 2025.

During the month, both merchandise and services trade recorded gains. Merchandise exports edged up from $36.34 billion to $36.56 billion, while services exports showed strong growth, rising from $34.75 billion to $43.90 billion.

April-January trade performance

Commerce Secretary Rajesh Agrawal said that for the first 10 months of the financial year (April-January), India’s combined exports are estimated at $720.76 billion, compared with $679 billion in the corresponding period last year, a growth of 6.15 per cent, or roughly $40 billion.

“This year, we expect to cross $860 billion in total exports of merchandising and services. In services, we expect to cross $410 billion this year (2025-2026),” said Agrawal.

India’s total exports had reached a record $824.9 billion in FY2024-25, registering a 6.01 per cent rise from $778.1 billion in 2023-24 and surpassing the earlier projection of $800 billion.

Imports trend higher

Overall imports during April-January 2025-26 increased 6.54 per cent year-on-year to $823.41 billion, compared with $772.85 billion in the same period of the previous fiscal.

Merchandise imports stood at $649.86 billion, up 7.21 per cent from $606.13 billion a year earlier, while services imports rose more modestly by 4.10 per cent to $173.55 billion from $166.72 billion.

The latest data underscores a widening trade gap driven by faster import growth, even as exports continue to expand and remain on track for another record year.

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