India’s Trade Deficit Nearly Doubles as Exports, Imports Rise in January
The January 2026 trade report indicates continued momentum in India’s exports, reaching USD 80.45 billion, while imports rose to USD 90.83 billion, widening the trade deficit. Services exports led growth, underscoring strength in the services sector and broader manufacturing links across states.
India’s trade numbers for January 2026 show strong export momentum, with overall exports of merchandise and services reaching USD 80.45 billion, up 13.16 per cent from USD 71.09 billion in January 2025, even as imports rose faster and widened the trade gap.
According to Commerce Ministry data, overall imports in January 2026 climbed 18.77 per cent year-on-year to USD 90.83 billion, compared with USD 76.48 billion a year earlier, pushing the combined merchandise and services trade deficit to USD 10.38 billion from USD 5.39 billion.
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India exports and imports: January surge in goods and services
Within January 2026, both merchandise and services trade expanded. Merchandise exports inched up from USD 36.34 billion to USD 36.56 billion, while services exports saw a sharper rise, increasing from USD 34.75 billion to USD 43.90 billion, signalling continuing strength in India’s services sector.
| Category | Period | 2025-26 (USD billion) | 2024-25 (USD billion) | Growth (%) |
|---|---|---|---|---|
| Overall exports | January | 80.45 | 71.09 | 13.16 |
| Overall imports | January | 90.83 | 76.48 | 18.77 |
| Overall exports | April-January | 720.76 | 679.00 | 6.15 |
| Overall imports | April-January | 823.41 | 772.85 | 6.54 |
| Merchandise imports | April-January | 649.86 | 606.13 | 7.21 |
| Services imports | April-January | 173.55 | 166.72 | 4.10 |
Commerce Secretary Rajesh Agrawal said that during the first ten months of 2025-26, from April to January, overall exports of goods and services are estimated at USD 720.76 billion, compared with USD 679 billion in the same period of the previous year, a growth of 6.15 per cent.
India exports and imports: full-year record and Uttar Pradesh gains
Agrawal added, “This year we expect to cross USD 860 billion in total exports of merchandising and services. In services, we expect to cross USD 410 billion this year (2025-2026),” reflecting confidence built after total exports reached a record USD 824.9 billion in 2024-25, up 6.01 per cent from USD 778.1 billion.
During April-January 2025-26, overall imports of merchandise and services stood at USD 823.41 billion, up 6.54 per cent from USD 772.85 billion a year earlier, with merchandise imports rising to USD 649.86 billion and services imports reaching USD 173.55 billion, trends that support manufacturing and services hubs across India, including a strong export base in Uttar Pradesh.
With inputs from ANI
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