Overview
- Merchandise exports were nearly flat at $36.61 billion, while imports jumped 24% year-on-year to $63.71 billion, driven by gold ($7.44 billion), silver ($1.66 billion) and higher energy purchases.
- Strong services exports of $39.53 billion helped hold the combined goods-and-services deficit to $3.96 billion for February.
- For April–February FY26, merchandise exports rose 1.84% to $402.93 billion and imports climbed 8.53% to $713.53 billion, widening the 11‑month goods deficit to about $310.6 billion.
- India’s goods trade gap with China reached roughly $102 billion in April–February, underscoring dependence on Chinese industrial inputs.
- The trade secretary warned March exports will dip due to West Asia disruptions, though Piyush Goyal told Parliament he expects exports to hold by month-end, and officials said India has increased purchases of Russian crude.