India Exported a Record US$863.1 Billion of Goods and Services in 2025-26, With Services at US$421.3 Billion and Electronics Exports Up 24.4 Per Cent

India’s exports of goods and services reached a record US$863.1 billion in the financial year 2025-26, which ran from April 2025 to March 2026. The Minister of State for Commerce and Industry gave the figure in a written reply to the Lok Sabha, the lower house of Parliament, on 28 July 2026, and the Press Information Bureau (PIB, the government’s release service) published it the same day. The total is made up of US$441.8 billion of merchandise, meaning physical goods, and US$421.3 billion of services.

The previous record was US$825.26 billion in 2024-25, according to the Commerce Ministry’s 15 April 2026 release. Against that base the new total is 4.59 per cent higher, the same growth rate the Press Trust of India reported on 6 May 2026 from revised ministry data. Every figure below is stated as of 14 October 2026 and carries the date of the release it comes from.

How the record splits between goods and services

Goods exports rose 0.93 per cent, from US$437.70 billion in 2024-25 to US$441.78 billion, the 15 April release says. Exports of goods other than petroleum products did a little better: US$387.88 billion, up 3.62 per cent from US$374.32 billion. Services exports rose from US$387.55 billion to about US$421.3 billion. That is a gain of roughly 8.7 per cent, the figure the Press Trust of India gave on 6 May.

Services therefore supplied about 48.8 per cent of the total, by tuput’s arithmetic on the ministry’s numbers. The same arithmetic shows that services added about US$33.8 billion to the year’s exports, while goods added about US$4.1 billion.

The number also moved after it was first published. On 15 April 2026 the ministry estimated the year at US$860.09 billion, with services at US$418.31 billion. It flagged the services figure for March as an estimate, because the Reserve Bank of India had released services data only up to February. By 6 May the revised total was US$863.11 billion and services US$421.32 billion. The ministry’s release notes say earlier months are revised pro rata when the Reserve Bank’s quarterly balance of payments data arrive, so a further small revision is possible.

Where the record sits against earlier years

The ministry’s releases give this run for total exports of goods and services. Each figure is as published in the release named, and the ministry revises past years, so the series is a guide and not a single frozen table.

• 2021-22: US$676.53 billion, with services at US$254.53 billion (release of 13 April 2023).
• 2022-23: US$770.18 billion, with services at US$322.72 billion (same release, an estimate at the time).
• 2023-24: US$778.1 billion, with services at US$341.1 billion (release of 2 May 2025).
• 2024-25: US$825.26 billion, with services at US$387.55 billion (release of 15 April 2026).
• 2025-26: about US$863.1 billion, with services at about US$421.3 billion (release of 28 July 2026).

On those figures the total is about 28 per cent above 2021-22, and services exports are about 66 per cent higher over the same four years. The May 2025 release called the 2024-25 total “an all-time high”, and the July 2026 release makes the same claim for 2025-26. Our piece on the 1991 reforms traces the longer rise in exports since liberalisation, and the size of the economy these flows sit inside is set out in India’s GDP rank.

Which goods carried the year

The Department of Commerce’s commodity table, based on its July 2026 quick estimate, shows the 2025-26 values. Engineering goods, a broad category of manufactured items such as machinery, led at US$122.1 billion, up 4.6 per cent. Petroleum products were second at US$53.8 billion, down 15.1 per cent from US$63.4 billion. Electronic goods were third at US$48.0 billion, up 24.4 per cent from US$38.6 billion, the fastest growth among the six largest groups.

Drugs and pharmaceuticals earned US$31.1 billion, up 2.1 per cent. Organic and inorganic chemicals were flat at US$28.7 billion. Gems and jewellery fell 5.4 per cent to US$28.2 billion.

Inside electronics, the Ministry of Electronics and IT said on 15 July 2026 that mobile phones had become India’s largest single export product in 2025-26, having ranked 153rd in 2014-15. Its release puts mobile phone exports at ₹2.60 lakh crore in 2025-26 against ₹1,566 crore in 2014-15, and electronic goods exports at US$47.96 billion. Our article on smartphone exports covers the production incentive scheme behind that rise.

Where the goods went

The same department’s country table, also from the July 2026 quick estimate, lists the largest buyers of Indian goods in 2025-26. The United States took US$87.3 billion, up 0.9 per cent, which is about 19.8 per cent of the table’s US$441.45 billion goods total. The United Arab Emirates bought US$37.4 billion, up 2.0 per cent.

China was third at US$19.5 billion, up 36.6 per cent from US$14.3 billion. The Netherlands took US$17.5 billion, down 23.1 per cent. The United Kingdom took US$13.4 billion, down 7.6 per cent, and Singapore US$11.9 billion, down 8.6 per cent. Germany bought US$11.5 billion, up 8.4 per cent.

The 28 July release gives destination-wise data for merchandise exports only, so this picture covers goods and not services.

What the trade agreements did, and what they have yet to do

The 28 July release lists India’s free trade agreements with the date each took effect, and the merchandise exports to each partner in 2025-26. The United Arab Emirates agreement, in force since 1 May 2022, has produced 4.45 lakh certificates of origin, the documents that show goods qualify for a lower tariff. The number of product lines India sold to the UAE rose from 7,546 in 2021-22 to 8,053 in 2025-26, and exports across them were US$37.3 billion. The Australia agreement, in force since 29 December 2022, covered US$7.28 billion of goods in 2025-26. The agreement with the four-nation European Free Trade Association (Switzerland, Norway, Iceland and Liechtenstein) took effect in October 2025, and the release counts 7,885 certificates of origin issued under it.

Two newer agreements began after the financial year closed, so they did not contribute to the record. The Oman agreement took effect on 1 June 2026. The release says it gives duty-free access to 99.38 per cent of India’s exports to Oman by value. Exports across the product lines shipped rose from US$402.7 million in May 2026 to US$622.8 million in June 2026, against US$215.1 million in June 2025. The India-UK agreement took effect on 15 July 2026. The Commerce Secretary said more than US$140 million of goods shipped under it on the first day. The British government says the UK will remove or reduce duties on 99 per cent of Indian goods and India will do the same for 90 per cent of UK goods. Our article on the India-UK agreement sets out the tariff schedules.

One point of reading. The headline on the 28 July release credits strong trade with the UAE, the UK and Australia. The department’s country table shows goods exports to the UK and Australia in 2025-26 below the 2024-25 level, at US$13.4 billion against US$14.6 billion and US$7.3 billion against US$8.6 billion. The release does not claim the lower numbers came from the agreements, and the UK deal had not yet begun.

What the first months of 2026-27 show

The 15 September 2026 release covers August. Exports of goods and services for April to August 2026-27 are estimated at US$399.27 billion, against US$345.55 billion in the same months of 2025-26, a rise of 15.55 per cent. Goods exports were US$215.91 billion against US$183.21 billion, and services US$183.36 billion against US$162.34 billion. The release marks the August figures and the latest services months as estimates.

Imports are growing as well. The 15 April release put 2025-26 merchandise imports at US$774.98 billion and the goods trade deficit at US$333.19 billion, with a services surplus of US$213.89 billion offsetting part of it. For April to August 2026-27 the same series shows total imports of US$459.65 billion, up 18.01 per cent, and a combined trade deficit of US$60.38 billion.