Trade Deficit 2x At $27Bn

Global Geopolitical Tensions and Logistics Disruptions Impact Trade Environment

FinTech BizNews Service

Mumbai, March 16, 2026: India’s trade deficit in February 2026 shoot up to USD 27.1 billion. India’s trade deficit in February 2025 was USD 14.42 Bn. So, India’s trade deficit has almost doubled Y/y in February 2026.

According to government data, India’s merchandise exports stood at USD 36.61 billion in February 2026, showing a decline of 0.81% compared to the same month last year. Merchandise imports rose by 24.11% to USD 63.71 billion, resulting in a trade deficit of USD 27.1 billion, which has moderated compared to January 2026.

• India’s total exports (Merchandise and Services combined) for February 2026* is estimated at US$ 76.13 Billion, registering a positive growth of 11.05 percent vis-à-vis February 2025. Total imports (Merchandise and Services combined) for February 2026* is estimated at US$ 80.09 Billion, registering a positive growth of 21.64 percent vis-à-vis February 2025.
  
  Table 1: Trade during February 2026*

* Note: The latest data for services sector released by RBI is for January 2026. The data for February 2026 is an estimation. (ii) Data for April-February 2024-25 and April-December 2025 has been revised on pro-rata basis using quarterly balance of payments data.

• India’s total exports during April-February 2025-26* is estimated at US$ 790.86 Billion registering a positive growth of 5.79 percent. Total imports during April-February 2025-26* is estimated at US$ 900.51 Billion registering a growth of 7.37 percent.

Table 2: Trade during April-February 2025-26*

Fig 2: Total Trade during April-February 2025-26*

MERCHANDISE TRADE

• Merchandise exports during February 2026 were US$ 36.61 Billion as compared to US$ 36.91 Billion in February 2025.
• Merchandise imports during February 2026 were US$ 63.71 Billion as compared to US$ 51.33 Billion in February 2025.

Fig 3: Merchandise Trade during February 2026

• Merchandise exports during April-February 2025-26 were US$ 402.93 Billion as compared to US$ 395.66 Billion during April-February 2024-25.
• Merchandise imports during April-February 2025-26 were US$ 713.53 Billion as compared to US$ 657.46 Billion during April-February 2024-25.
• Merchandise trade deficit during April-February 2025-26 was US$ 310.60 Billion as compared to US$ 261.80 Billion during April-February 2024-25.
• 
  
• Fig 4: Merchandise Trade during April-February 2025-26 

• Non-petroleum and non-gems & jewellery exports in February 2026 were US$ 30.55 Billion compared to US$ 28.66 Billion in February 2025.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in February 2026 were US$ 40.33 Billion compared to US$ 35.39 Billion in February 2025.

Table 3: Trade excluding Petroleum and Gems & Jewellery during February 2026

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 5: Trade excluding Petroleum and Gems & Jewellery during February 2026
 

• Non-petroleum and non-gems & jewellery exports in April-February 2025-26 were US$ 327.96 Billion, compared to US$ 310.25 Billion in April-February 2024-25.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-February 2025-26 were US$ 454.82 Billion, compared to US$ 416.59 Billion in April-February 2024-25.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-February 2025-26

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-February 2025-26

SERVICES TRADE

• The estimated value of services export for February 2026* is US$ 39.53 Billion as compared to US$ 31.65 Billion in February 2025.
• The estimated value of services imports for February 2026* is US$ 16.38 Billion as compared to US$ 14.51 Billion in February 2025.

Fig 7: Services Trade during February 2026*

• The estimated value of service exports during April-February 2025-26* is US$ 387.93 Billion as compared to US$ 351.93 Billion in April-February 2024-25.
• The estimated value of service imports during April-February 2025-26* is US$ 186.98 Billion as compared to US$ 181.23 Billion in April-February 2024-25.
• The services trade surplus for April-February 2025-26* is US$ 200.96 Billion as compared to US$ 170.69 Billion in April-February 2024-25

Fig 8: Services Trade during April-February 2025-26*

• Exports of  Other Cereals  (170.14%), Coffee (31.92%), Meat, Dairy & Poultry Products (22.66%), Marine Products (13.27%), Engineering Goods (12.9%), Mica, Coal & Other Ores, Minerals Including Processed Minerals (10.51%), Electronic Goods (10.37%), Handicrafts Excl. Hand Made Carpet (10.25%), Organic & Inorganic Chemicals (6.85%), Ceramic Products & Glassware (6.36%), Gems & Jewellery (4.08%), Fruits & Vegetables (3.95%), Drugs & Pharmaceuticals (3.4%), Cereal Preparations & Miscellaneous Processed Items (3.25%) and Rice (0.7%) record positive growth during February 2026 over the corresponding month of last year.
• Imports of Project Goods (-81.31%), Cotton Raw & Waste (-59.44%), Pulses (-38.49%), Newsprint (-34.12%), Transport Equipment (-23.64%), Chemical Material & Products (-13.08%), Pulp And Waste Paper (-9.24%) and Wood &  Wood Products (-1.59%) record negative growth during February 2026 over the corresponding month of last year.
• Services exports is estimated to grow by 10.23 percent during April-February 2025-26* over April-February 2024-25.
• Top 5 export destinations, in terms of change in value, exhibiting positive growth in February 2026 vis a vis February 2025 are China P Rp (32.37%), Hong Kong (32.14%), Vietnam Soc Rep (49.46%), Togo (110.96%) and Sri Lanka Dsr (57.3%).
• Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-February 2025-26 vis a vis April-February 2024-25 are China P Rp (37.66%), U S A (3.84%), U Arab Emts (8.52%), Spain (45.31%) and Hong Kong (30.91%).
• Top 5 import sources, in terms of change in value, exhibiting growth in February 2026 vis a vis February 2025 are China P Rp (30.49%), Switzerland (719.3%), U K (202.59%), U S A (36.53%) and Peru (377.65%).
• Top 5 import sources, in terms of change in value, exhibiting growth in April-February 2025-26 vis a vis April-February 2024-25 are China P Rp (15.21%), U S A (15.65%), U Arab Emts (10%), Hong Kong (25.01%) and Peru (67%).