In fiscal year 2025-26, India recorded $825.26 billion in cumulative exports, reflecting a growth of 4.22% from $437.70 billion in FY2024-25. The surge in exports occurred despite global economic challenges, including geopolitical tensions from the Iran-US war. Engineering goods emerged as the leading export category, valued at ₹10,82,729 crore (approximately $130 billion), followed by petroleum products and electronics. Major export destinations for India included the USA, which imported goods worth $87.31 billion, the United Arab Emirates at $37.37 billion, and China at $19.48 billion. On the import side, India’s total imports reached ₹68,49,993.03 crore (around $775 billion), with crude oil and petroleum products making up the largest share at ₹15,33,402.26 crore. The merchandise trade deficit narrowed to $20.98 billion in March 2026, as exports increased by 6.3% to $38.92 billion, while imports decreased by 5.98% to $59.9 billion.