The commerce ministry in its latest data has showed that India’s merchandise exports slipped marginally by 7.44 per cent to $38.92 billion in March 2026 as compared to $42.05 billion in the same month last year, due to ongoing logistical disruptions arising from the West Asia crisis. Merchandise imports also decreased by 6.51 per cent to $59.59 billion in March 2026 from $63.74 billion recorded a year ago. As a result, trade deficit (difference between imports and exports) narrowed sharply to $20.67 billion in March 2026, down from $27.1 billion in February 2026 and $21.69 billion a year earlier.  

According to the data, merchandise exports during FY 2025-26 (April-March) were $441.78 billion as compared to $437.70 billion during FY 2024-25. Merchandise imports during FY 2025-26 were $ 774.98 billion as compared to $721.20 billion during FY 2024-25. Merchandise trade deficit during FY 2025-26 was $333.19 billion as compared to $283.50 billion during FY 2024-25.  

It further showed that non-petroleum and non-gems & jewellery exports in March 2026 were $31.69 billion compared to $34.25 billion in March 2025. Non-petroleum and non-gems & jewellery exports in FY 2025-26 were $359.67 billion, compared to $344.50 billion in FY 2024-25. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in March 2026 were $41.87 billion compared to $37.99 billion in March 2025. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in FY 2025-26 were $498.56 billion, compared to $454.59 billion in FY 2024-25.