India’s exports and imports increased in January, trade deficit almost doubled.

According to Commerce Ministry data released on February 16, 2026, India’s total merchandise and services exports grew by 13.16–13.17% year-on-year to **USD 80.45 billion** in January 2026 from USD 71.09 billion in January 2025. Imports expanded sharply by 18.76–18.77%, from USD 76.48 billion to **USD 90.83 billion**, pushing the overall trade deficit to **USD 10.38 billion**—almost double the USD 5.39 billion deficit a year earlier.

Merchandise exports grew marginally by 0.6% to **USD 36.56 billion** (from USD 36.34 billion), while services exports grew significantly to **USD 43.90 billion** (from USD 34.75 billion). Merchandise imports increased by 19.2% to **USD 71.24 billion** (from USD 59.77 billion). This was due to a sharp increase in gold and silver imports amid rising global prices (gold value increased despite lower volumes due to 24.62% unit price increase; value of silver imports increased).

The widening deficit reflected strong services growth, which offset modest merchandise performance, and pressure from commodity imports on the overall balance. Note: The merchandise trade deficit alone in January 2026 was **USD 34.68 billion** (up from USD 23.43 billion YoY), a three-month high, amid higher US tariffs (recently reduced from 50% to 18% under an interim deal).

For April-January 2025-26 (first 10 months of FY26), total exports reached approximately **USD 720.76 billion**, up 6.15% from USD 679 billion in the corresponding period of FY25, with an addition of approximately USD 40 billion. Total imports increased by 6.54% to **USD 823.41 billion**, of which merchandise imports stood at **USD 649.86 billion** (up 7.21% from USD 606.13 billion).

Commerce Secretary Rajesh Aggarwal emphasized the positive momentum, and estimated that total exports (merchandise + services) will cross **USD 860 billion** in FY 2025-26, with services alone crossing **USD 410 billion**. This is based on a record **USD 824.9 billion** for FY 2024–25 (up 6.01% from USD 778.1 billion), exceeding the target of USD 800 billion. The data shows strong export resilience based on services, despite global uncertainties and import pressure from commodities.