India’s total exports, including merchandise and services, saw a 4.22% growth to reach $860.09 billion in FY26, up from $825.26 billion in FY25. The merchandise exports alone amounted to $441.78 billion in FY26, showing a positive growth of 0.93% compared to the previous fiscal year. Service exports also saw an increase, with an estimated value of $418.31 billion in FY26, up from $387.55 billion in the previous fiscal.
For the month of March, India’s merchandise exports were valued at $38.92 billion, a decrease from $42.05 billion in March 2025. Similarly, service exports in March 2026 were estimated at $35.20 billion, down from $35.63 billion in March 2025. Non-petroleum and non-gems and jewellery exports in FY26 amounted to $359.67 billion, showing growth from $344.50 billion in FY25.
The major drivers of merchandise exports growth in March included petroleum products, engineering goods, mica, coal, other ores, minerals, processed minerals, and handicrafts. Specifically, petroleum products exports increased by 5.88%, engineering goods exports by 1.13%, and other cereals exports by a significant 108.23% in March 2026 compared to March 2025.
In terms of export destinations, the top five countries showing positive growth in March 2026 were Singapore, Malaysia, China, Tanzania, and Sri Lanka. Looking at the full fiscal year (FY26), the top five export destinations with positive growth were China, Spain, Hong Kong, Vietnam, and Sri Lanka.
