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| India’s July 2026 exports reached $80.14 billion, with petroleum products, electronic goods and engineering goods among the key growth drivers |
India Exports Rise 13.31% in July 2026 — Full Export-Import Breakdown
India's exports grew faster than most months this year — but imports grew even faster, and that gap is the story worth paying attention to.
Total trade (merchandise + services combined) for July 2026 came in at US$80.14 billion in exports against US$95.16 billion in imports — a trade deficit of US$15.03 billion, up from US$11.43 billion in July 2025. Exports grew 13.31%, but imports grew 15.83%, which is why the gap widened even though both sides of the ledger are expanding.
Trade at a Glance — July 2026
| Category | July 2026 (US$ Bn) | July 2025 (US$ Bn) |
|---|---|---|
| Merchandise Exports | 44.24 | 36.98 |
| Merchandise Imports | 76.22 | 64.86 |
| Services Exports* | 35.89 | 33.74 |
| Services Imports* | 18.94 | 17.30 |
| Total Exports | 80.14 | 70.72 |
| Total Imports | 95.16 | 82.16 |
| Trade Balance | -15.03 | -11.43 |
*Services data for July 2026 is an estimate; RBI's latest confirmed figure is for June 2026.
The Bigger Picture — April-July 2026-27 (4 Months)
| Category | Apr-Jul 2026-27 (US$ Bn) | Apr-Jul 2025-26 (US$ Bn) |
|---|---|---|
| Merchandise Exports | 173.78 | 148.48 |
| Merchandise Imports | 292.38 | 245.14 |
| Services Exports | 142.64 | 131.15 |
| Services Imports | 73.47 | 66.81 |
| Total Exports | 316.42 | 279.63 |
| Total Imports | 365.85 | 311.94 |
| Trade Balance | -49.43 | -32.32 |
Merchandise trade deficit alone was US$118.60 billion for the four months — up from US$96.66 billion a year ago. Services continue to be India's cushion: a services trade surplus of US$69.17 billion (vs US$64.35 billion last year) is what keeps the overall deficit from looking even worse.
What's Actually Growing — July 2026 Export Winners
| Product Category | YoY Growth |
|---|---|
| Iron Ore | 78.35% |
| Petroleum Products | 67.64% |
| Electronic Goods | 57.40% |
| Meat, Dairy & Poultry | 40.84% |
| Cashew | 25.11% |
| Marine Products | 17.83% |
| Engineering Goods | 17.71% |
| Drugs & Pharmaceuticals | 0.74% |
For electronics and engineering goods, this is the third straight release showing double-digit growth — suggesting the recent momentum may be more than a one-month spike.
What's Actually Shrinking
Imports of Silver (-66.1%), Sulphur & Unroasted Iron Pyrites (-47%), Newsprint (-26.31%), Pulp and Waste Paper (-22.61%), Medicinal & Pharmaceutical Products (-3.96%), Wood & Wood Products (-2.1%), and Iron & Steel (-1.84%) all recorded negative growth in July 2026 versus last year.
The silver import drop is the standout number here — a 66% fall is a sharp swing, likely tied to price volatility or inventory adjustments rather than a structural demand shift. The next monthly release will show whether the decline continues.
Where the Growth Is Coming From
| Top 5 Export Markets — July 2026 Growth | Top 5 Import Sources — July 2026 Growth |
|---|---|
| Kenya: 151.41% | Oman: 150.36% |
| Malaysia: 73.03% | Taiwan: 111.3% |
| Singapore: 83.7% | Russia: 83.85% |
| USA: 12.85% | China: 34.42% |
| China: 64.57% | USA: 18.11% |
Over the four-month period (April-July), the pattern is similar but slightly different in ranking — Singapore (97.11%), Tanzania (131.2%), Sri Lanka (111.76%), South Africa (69.75%), and China (35.97%) lead export growth, while Oman (200.68%) stands out sharply on the import side, followed by Brazil (166.84%) and Russia (59.65%).
Oman’s import growth also stands out: a 200.68% jump over four months lines up with the India-Oman CEPA's rapid ramp-up we've covered separately — The increase is also visible in the broader trade data, alongside the trends reported in India-Oman trade.
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Frequently Asked Questions (FAQs)
Q1. What is India's trade deficit for July 2026?
India's total trade deficit (merchandise + services) for July 2026 was US$15.03 billion, up from US$11.43 billion in July 2025.
Q2. Which sectors are driving export growth right now?
Iron Ore (78.35%), Petroleum Products (67.64%), and Electronic Goods (57.40%) recorded the strongest year-on-year growth in July 2026.
Q3. Is India's services trade surplus enough to offset the merchandise deficit?
No, only partially. The merchandise trade deficit for April-July 2026-27 was US$118.60 billion, while the services trade surplus was US$69.17 billion — narrowing but not closing the overall gap.
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Disclaimer: All information in this post is sourced from the official PIB press release dated 13 August 2026 (Release ID: 2298878), Ministry of Commerce & Industry, Government of India. Services trade figures for July 2026 are estimates pending RBI confirmation. This post is for informational and awareness purposes only.