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India sees marginal growth in merchandise exports in January
Feb-17-2026

The commerce ministry in its latest data has showed that India’s merchandise exports rose marginally by 0.61 per cent to $36.56 billion in January 2026 as compared to $36.34 billion in January 2025. Merchandise imports rose 19.2 per cent - the highest so far this fiscal - to a three-month high of $71.24 billion in January 2026 as compared to $59.77 billion recorded a year ago, driven by a sharp rise in inbound shipments of gold and silver due to higher prices. As a result, trade deficit (difference between imports and exports) widened to a three-month high of $34.68 billion in January 2026 from $23.43 billion a year ago. 

According to the data, cumulatively, merchandise exports during April-January 2025-26 were $366.63 billion as compared to $358.75 billion during April-January 2024-25. Merchandise imports during April-January 2025-26 were $649.86 billion as compared to $606.13 billion during April-January 2024-25. Merchandise trade deficit during April-January 2025-26 was $283.23 billion as compared to $247.38 billion during April-January 2024-25.  

Non-petroleum and non-gems & jewellery exports in January 2026 were $30.47 billion as compared to $29.86 billion in January 2025. Non-petroleum and non-gems & jewellery exports in April-January 2025-26 were $297.41 billion, compared to $281.59 billion in April-January 2024-25. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in January 2026 were $42.56 billion compared to $41.53 billion in January 2025. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-January 2025-26 were $414.52 billion, compared to $381.21 billion in April-January 2024-25.   


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