The Commerce Ministry estimates India's merchandise and services exports at $476.20 billion during April-September 2026-27, up 13.84% from $418.31 billion a year earlier. Merchandise exports were $259.89 billion, an 18.51% rise, while estimated services exports were $216.31 billion.
For September alone, combined exports were estimated at $80.75 billion and imports at $94.05 billion. Merchandise exports reached $44.40 billion and imports $74.61 billion, leaving a merchandise deficit of about $30.21 billion. The Ministry notes that the latest RBI services data are for August, so September services values are estimates and earlier periods may be revised.
For civil-services preparation, export growth should be separated from the trade balance. Exports can rise strongly while a merchandise deficit widens if imports rise faster or remain much larger. Composition also matters: electronics, petroleum products, chemicals and engineering goods were among the September growth drivers.