India’s merchandise trade remained at elevated levels in early 2026, with exports reaching a record USD 45.2 billion in May while imports remained above USD 70 billion for a second consecutive month at USD 73.4 billion. The latest data highlight the resilience of India’s trade sector, supported by strengthening exports and sustained domestic demand.

The strong start to 2026 follows a record 2025, when India’s merchandise trade exceeded USD 1.2 trillion for the first time. Since 2020, total merchandise trade has expanded by almost 70%, reflecting the country’s growing role in global manufacturing, supply chains and consumer markets. Although imports have continued to outpace exports, gradually widening the merchandise trade deficit, this underscores the strength of domestic consumption, investment and demand for energy, machinery and industrial inputs.

With both exports and imports remaining close to historic highs, the latest data suggest India’s integration into the global trading system continues to deepen.