The cumulative exports (merchandise & services) during April-January 2025-26 is estimated at US$ 720.76 Billion, as compared to US$ 679.02 Billion in April-January 2024-25, an estimated growth of 6.15%
1. At a Glance
- India's cumulative exports (merchandise + services) for April-January 2025-26 estimated at US$ 720.76 Bn, up 6.15% YoY from US$ 679.02 Bn in April-Jan 2024-25 [S1][S2].
- Data released by Ministry of Commerce & Industry through PIB on 16 February 2026; tracks performance under Foreign Trade Policy (FTP) 2023 targeting US$ 2 trillion exports by 2030 [S1][S4].
- Significant for GS-III (Indian Economy — External Sector, BoP, Trade) and Prelims (current affairs numbers, FTP, sector composition).
2. Why in the News
- PIB Press Release (16 Feb 2026) by Ministry of Commerce & Industry reporting 10-month cumulative export data for FY 2025-26 [S1].
- January 2026 monthly exports grew 13.17% YoY, indicating accelerating momentum despite global headwinds [S2].
- Comes against the backdrop of US tariff-related disruptions: merchandise exports to the US contracted 21.7% in January 2026 [S2].
3. Background & Evolution
- Foreign Trade Policy 2023 launched on 1 April 2023 by Union Minister Piyush Goyal; first FTP without a sunset date — dynamic and open-ended [S4].
- Four pillars: Incentive to Remission, Export Promotion through Collaboration, Ease of Doing Business, Emerging Areas [S4].
- FY 2023-24 cumulative exports: US$ 778.13 Bn → FY 2024-25: US$ 820.93 Bn (5.50% growth) — India's highest-ever annual exports [S3].
- April-Jan 2023-24: US$ 636.69 Bn → 2024-25: US$ 682.59 Bn (7.21%) → 2025-26: US$ 720.76 Bn (6.15%) [S1][S5].
4. Core Static Facts
| Indicator (Apr–Jan 2025-26) | Value | YoY Change |
|---|---|---|
| Total exports (merch + services) | US$ 720.76 Bn | +6.15% [S1] |
| Merchandise exports | US$ 366.63 Bn | +2.20% [S1] |
| Services exports (estimated) | US$ 354.13 Bn | +10.57% (from 320.28) [S1] |
| Non-petroleum merchandise exports | US$ 320.94 Bn | +4.89% [S1] |
- Issuing body: Ministry of Commerce & Industry; data collated by DGCI&S, Kolkata (merchandise) and RBI (services).
- Policy umbrella: FTP 2023; target US$ 2 trillion exports by 2030 [S4].
- January 2026 drivers: Engineering Goods (+10.37%, US$ 10.40 Bn), Petroleum Products (+8.55%), Meat/Dairy/Poultry, Marine Products, Iron Ore [S1].
5. Multi-Dimensional Analysis
Economic - Services contribute nearly 49% of total exports — confirms India's services-led trade profile [S1]. - Merchandise growth subdued (2.20%) vs services (10.57%) — reflects soft global goods demand [S1]. - Non-petroleum exports growing faster (4.89%) than total merchandise (2.20%) shows resilience independent of oil price volatility [S1].
Geopolitical / Strategic - 21.7% decline in exports to US in Jan 2026 — fallout of US reciprocal tariff measures; underscores need for market diversification [S2]. - Reinforces relevance of FTAs signed/under negotiation (UAE CEPA, Australia ECTA, UK FTA, EU FTA talks).
Administrative - Implementation through DGFT (Directorate General of Foreign Trade) under Ministry of Commerce; Districts as Export Hubs scheme operationalises FTP 2023 [S4].
Sectoral - Engineering Goods remains India's largest merchandise export basket; Marine, Meat & Dairy show agri-export potential [S1].
6. Recent Developments (last 12-18 months)
- Apr 2023: FTP 2023 notified.
- FY 2024-25: Total exports crossed US$ 820.93 Bn — record high (PIB, April 2025) [S3].
- Jan 2026: Monthly exports up 13.17%; cumulative Apr-Jan crosses US$ 720 Bn [S1][S2].
- Jan 2026: Sharp 21.7% drop in exports to US triggered by tariff shifts [S2].
7. Prelims Hooks
- Cumulative exports Apr-Jan 2025-26: US$ 720.76 Bn, growth 6.15% [S1].
- Merchandise exports Apr-Jan 2025-26: US$ 366.63 Bn, growth 2.20% [S1].
- Services exports Apr-Jan 2025-26: US$ 354.13 Bn [S1].
- Non-petroleum exports: US$ 320.94 Bn, growth 4.89% [S1].
- FY 2024-25 total exports: US$ 820.93 Bn (record), growth 5.50% [S3].
- FTP 2023 launched 1 April 2023; export target US$ 2 trillion by 2030 [S4].
- FTP 2023 pillars: Remission, Collaboration, Ease of Doing Business, Emerging Areas [S4].
- Engineering Goods exports Jan 2026: US$ 10.40 Bn (+10.37% YoY) [S1].
- Implementing body: DGFT under Ministry of Commerce & Industry.
- Merchandise data source: DGCI&S Kolkata; services data: RBI.
- January 2026 exports to US fell 21.7% [S2].
- FTP 2023 is the first FTP without a sunset/end date [S4].
8. Mains Relevance
- GS-III: Indian Economy — Effects of liberalisation; Growth, Development, Employment; External Sector.
- Syllabus: "Effects of liberalization on the economy"; "Mobilization of resources".
- GS-II: International Relations — Effect of policies of developed countries on India's interests (US tariffs).
- Possible question stems: 1. "Despite global headwinds, India's services exports remain the bedrock of external sector resilience. Examine in light of FTP 2023 and recent trade data." (15 marks) 2. "Discuss the implications of US tariff actions on India's merchandise export basket. Suggest a diversification strategy." (10 marks) 3. "Evaluate FTP 2023 as an instrument to achieve the US$ 2 trillion export target by 2030." (15 marks)
9. Related Topics to Study Next
- Foreign Trade Policy 2023 — overarching policy framework.
- Balance of Payments / Current Account Deficit — services surplus offsets goods deficit.
- PLI Schemes — supply-side push for merchandise exports.
- India-UK FTA, India-EU FTA, IMEC — market diversification routes.
- Districts as Export Hubs (DEH) — FTP 2023 grassroots component.
- RoDTEP / RoSCTL — duty remission schemes.
- WTO disputes & India's stance — agri subsidies, MSP issues.
- Rupee internationalisation / Vostro accounts — trade settlement diversification.
10. Common Errors / Trap Areas
- Merchandise vs Total exports: US$ 366.63 Bn is merchandise only; US$ 720.76 Bn is merch + services [S1]. Easy MCQ trap.
- Period confusion: Apr-Jan is 10 months, not the full fiscal year. FY 2024-25 full-year figure was US$ 820.93 Bn [S3].
- Data source mix-up: Merchandise data from DGCI&S (under Ministry of Commerce); services data from RBI — not MoSPI.
- FTP 2023 sunset: Unlike previous FTPs (5-yr cycles), FTP 2023 has no end date — common error to state "FTP 2023-28".
- Growth rate confusion: 6.15% is for combined exports; merchandise alone grew only 2.20% [S1].
11. Sources
- [S1] PIB — Cumulative exports April-January 2025-26 — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2228785 — (tier: 1)
- [S2] IBEF / Tribune mirror of PIB Feb 2026 release — https://www.ibef.org/news/india-s-cumulative-exports-rise-to-us-720-76-billion-in-apr-jan-2025-26-up-6-15 — (tier: 3, used to corroborate PIB)
- [S3] PIB — FY 2024-25 cumulative exports US$ 820.93 Bn — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2122016 — (tier: 1)
- [S4] DGFT / Ministry of Commerce — Foreign Trade Policy 2023 — https://www.dgft.gov.in/CP/?opt=ft-policy — (tier: 1)
- [S5] PIB — Cumulative exports April-January 2024-25 baseline — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2104150 — (tier: 1)