Despite challenges of US tariffs, ongoing conflict in Ukraine and tensions in West Asia, India’s merchandise exports have closed 2025-26 on a positive note exhibiting growth over previous year, a senior official said Friday.
“Despite the war, we will be closing the year with positive growth. With the US tariffs, with so many disturbances all through the year. The Ukraine war is continuing, the West Asia war has started. For the whole of March we had the war, despite all of that, merchandise exports have been positive,” the official said without disclosing details.
In 2024-25 merchandise exports were $ 437.7 billion while in the first eleven months of 2025-26 the shipment of goods from India has touched $ 402.9 billion. The growth in April-February 26 has been a modest 1.8%.
Typically March month shows the highest exports in value terms. In March 2025 the goods exports during the month were $ 41.97 billion. Even a small decline in March 2026 can take overall merchandise exports beyond last year’s number.
In services too the exports have maintained their momentum despite 2025-26 being a challenging year, the official said. In April-February services exports stood at $ 387.9 billion and had already surpassed the 2024-25 achievement of $ 387.5 billion.
Total exports (merchandise and services) stood at $825.26 billion in 2024-25 and in April-February 2026 they had already touched $ 790.86 billion. In March last year total exports were $ 73.6 billion. With services exports maintaining its robust growth, the overall exports in 2025-26 can easily surpass the 2024-25 level.
Commerce Secretary Rajesh Agrawal has said in the past that in 2025-26 the exports would be around $ 860 billion.
The new financial year has begun with a greater challenge. The war continues, causing disruption in key shipping routes of the world. One of the biggest export markets for India – West Asia – is not fully accessible.
The government acknowledges impact on shipping and other costs for exporters and may announce some freight subsidies.
From April 1, 2026, the Directorate General of Foreign Trade (DGFT) has extended the flagship tax refund scheme on exports — Remission of Taxes and Duties on Exported Products (RoDTEP) — for another six months.
A scheme — RELIEF — has also been announced for credit insurance to exporters, with special focus on MSMEs. Duties have been adjusted on many industrial inputs on Thursday that will benefit plastics, HDPE and many downstream petrochemical industries.
TOPICSexportThis article was first uploaded on April three, twenty twenty-six, at thirty-three minutes past six in the evening.