New Delhi, February 16 The country's exports rose marginally by 0.61 per cent to USD 36.56 billion in January, while the trade deficit widened to a three-month high of USD 34.68 billion, according to government data released on Monday.
Imports rose by 19.2 per cent—the highest so far this fiscal year—to a three-month high of USD 71.24 billion in January, driven by a sharp increase in inbound shipments of gold and silver due to higher prices.
Imports of gold surged by 349.22 per cent to USD 12 billion during the month under review, while imports of silver jumped by 127 per cent to USD 2 billion.
India mainly imports the yellow metal from Switzerland, from which the inbound shipments have climbed by 836.85 per cent to USD 3.95 billion in January.
However, imports of oil dipped by 0.24 per cent to USD 13.4 billion in January.
Cumulatively during April-January of the 2025-26 fiscal, the country's exports rose by 2.22 per cent to USD 366.63 billion.
Imports grew by 7.21 per cent to USD 649.86 billion, resulting in a trade deficit of USD 283.23 billion over the nine-month period of 2025-26. The gap was USD 247.38 billion in April-January of 2024-25.
Briefing the media on the data, Commerce Secretary Rajesh Agrawal said that the country's exports "remain positive" in both goods and services.
He expressed hope that, based on the trend, exports of goods and services are likely to cross USD 860 billion in 2025-26. This was USD 825 billion in 2024-25.
"In services, we will be exceeding USD 410 billion for the first time this year," Agrawal said.
During April-January of this fiscal, the total exports are estimated at USD 720.76 billion, compared to USD 679.02 billion recorded in the same period of the previous fiscal.
Global trade has been disrupted due to tariffs imposed by the US. The Trump administration has levied a steep 50 per cent tariff on India since August. This is impacting the country's outbound shipments from labor-intensive sectors, such as apparel.
The US has removed a 25 per cent tariff on Indian goods from February 7. It will reduce the remaining 25 per cent reciprocal tariffs to 18 per cent once a trade agreement is finalised between the two countries.
On the exports front, key sectors such as petroleum, engineering, electronics, iron ore, marine and coffee have recorded positive growth in January.
However, shipments of tea, rice, spices, leather and leather products, gems and jewellery, chemicals, ready-made garments of all textiles, and plastics have recorded negative growth.
According to the commerce ministry data, services exports for January this year are estimated at USD 43.90 billion, compared to USD 34.75 billion in January 2025.
The estimated value of services imports for January 2026 is USD 19.60 billion, compared to USD 16.71 billion in the same month last year.
Commenting on the data, Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said that he met RBI Governor Sanjay Malhotra and requested for a separate export policy for the MSME sector.
He proposed that a dedicated Special Interest Package Scheme be introduced for MSMEs, as currently, banks determine lending rates based on their internal policies and balance sheet considerations, leading to inconsistencies and higher borrowing costs.
Federation of Indian Export Organisations (FIEO) President S C Ralhan expressed confidence that with sustained policy support, improved market access under the new FTAs, and continued industry resilience, India is well-positioned to maintain its export growth momentum and further strengthen its role as a reliable and competitive partner in global trade.
