India’s merchandise exports rose 23.9% year on year to $44.4 billion in September 2026, from $36.08 billion a year earlier. For April to September 2026-27, exports reached $259.89 billion, up 18.51% from $219.30 billion in the same period last year, according to a Business Today report published on October 15.
Commerce Secretary Rajesh Agarwal said on Thursday that the government expects goods exports to exceed $500 billion this fiscal year. “We are looking at a trend that merchandise exports are much higher than $500 billion,” he said.
How Did India’s Trade With West Asia Perform in September?
Exports to West Asia were $5.56 billion in September 2026, against $5.94 billion in September 2025. Imports from the region were $13.64 billion, against $13.76 billion a year earlier. Exports to the region in June, July and August 2026 were higher than in the same months of 2025, while imports were lower.
The UAE was India’s second-largest export market in April to September 2026, with exports of $16.7 billion, down from $18.75 billion in the first half of the previous fiscal year.
Why Did Gold and Silver Imports Fall Sharply?
Gold imports were $1.8 billion in September 2026, down from $9.61 billion in September 2025. In August they were $2.3 billion, nearly half the $5.44 billion of a year earlier. In the first half of the fiscal year, gold imports fell 27.32% to $19.27 billion from $26.51 billion.
Silver imports fell 25.71% to $2.4 billion in the first half, from $3.21 billion. September silver imports were $665.08 million, against $1.3 billion a year earlier. Agarwal attributed part of the decline in gold and silver imports to higher import duties.
Market and Trade Reaction
No exporter-body or market reaction to the September data was found in the reports reviewed. The sharp fall in gold imports is relevant for the current account, since gold is among India’s largest import items.
What Happens Next?
The government’s stated expectation is for goods exports above $500 billion in FY27. The October trade data, due in November, will show whether the double-digit growth rate holds.
Frequently Asked Questions
How much were India’s merchandise exports in September 2026?
Exports were $44.4 billion, up 23.9% from $36.08 billion in September 2025.
What is the export target for this fiscal year?
Commerce Secretary Rajesh Agarwal said goods exports are expected to exceed $500 billion in 2026-27.
Why did gold imports drop?
Gold imports fell to $1.8 billion in September 2026 from $9.61 billion a year earlier, with the commerce secretary citing higher import duties as part of the reason.
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