Indian goods exports sustain growth momentum in September, imports surge

India’s merchandise exports rose by 6.74% to $36.38 billion in September, from $34.08 billion in the same month last year. The imports rose even sharply, to $68.53 billion from $58.75 billion, a 16.6% increase during the corresponding period.

While the sustained level of the goods exports indicates India’s resilience in the face of multiple challenges, including high tariffs imposed by the U.S. on a significant chunk of Indian goods, the surge in imports is known to be driven by the price increase in gold and silver, and increased import of electronic components needed for the export of products like smartphones from the country.  

The Federation of Indian Export Organisations (FIEO) lauded the continued growth in India’s merchandise and overall exports for September 2025 and the first half of the financial year 2025–26, calling it a testament to the resilience, adaptability, and competitiveness of Indian exporters in navigating a challenging global landscape.

For the April–September 2025 period, cumulative merchandise exports registered a growth of 3.02%, reaching $220.12 billion, while merchandise imports rose by 4.53% to $375.11 billion. Overall exports (goods and services combined) during the same period increased by 4.45% to $395.71 billion, while total imports grew by 3.55% to $472.79 billion.

While the trade deficit of $32.1 billion for September was on the higher side, the overall trade deficit narrowed by 2.28% to $59.48 billion.

“The consistent growth in exports, despite formidable global headwinds, underscores the commendable efforts of Indian exporters and their growing competitiveness on the world stage,” says S C Ralhan, President, FIEO.

According to the monthly trade data released by the Commerce Ministry, the top export destination during the first six months of FY26 remained the U.S., with cumulative exports reaching $45.82 billion during the April-September period, surpassing the $40.42 billion registered during the same period last financial year. On the import front, China continued to be the largest source, with imports from April to September 2025 rising to $62.89 billion, up from $56.53 billion during the same period last year. The top export commodity during the six months was engineering goods ($59.36 billion), followed by petroleum products ($30.63 billion).