Indias Merchandise Exports Surge 18% Year-on-Year to $45.2 Billion in May

June 15, 2026

New Delhi, June 15: India’s merchandise exports rose by 18% year-on-year in May, reaching $45.2 billion. This marks an increase from $43.56 billion in April, according to data released by the Ministry of Commerce on Monday.

Commerce Secretary Rajesh Agarwal highlighted that the growth in May is among the highest recorded to date. A significant increase in exports was also noted in April 2026, which stood at $38.28 billion in April 2025.

For the first two months of the fiscal year 2026-27, total exports from the country amounted to $88.91 billion, reflecting a 16.09% increase compared to the same period last year. Agarwal mentioned that India has experienced remarkable growth in exports during both April and May, even as imports also surged during this period. He stated, “If we maintain this momentum, fiscal year 27 will be a good year for trade.”

In May, imports rose by 20.62% to $73.41 billion, resulting in a trade deficit of $28.21 billion. In comparison, the trade deficit in May 2025 was $22.56 billion, indicating a year-on-year increase of 25.04%.

The rise in the trade deficit last month was attributed to the increase in crude oil prices, which exceeded $100 per barrel due to tensions in West Asia.

Agarwal also noted improvements in exports to the Middle East, which had previously been affected. He mentioned that exports to West Asia have nearly returned to May 2025 levels, driven by goods sent to the UAE, Saudi Arabia, Jordan, and Yemen.

Furthermore, Agarwal remarked that if the recently announced US-Iran peace agreement “holds in the long term,” it could resolve many of the challenges faced.

He added that India’s export base has expanded significantly over the past 12 years, with exports nearly doubling during this period. Service exports have tripled, and the government anticipates that the momentum will continue as more free trade agreements are implemented.

Agarwal expressed optimism, stating, “We expect that the growth in exports will continue with renewed vigor due to the arrival of all FTAs.”