Page 20 - Policy Economic Report - April 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

External Trade Developments

India’s external trade performance in March 2026 reflected a moderation in both exports and imports
amid evolving global uncertainties. Total exports (merchandise and services combined) are estimated
at US$ 74.11 billion, registering a contraction of 4.58 per cent compared to March 2025. Similarly, total
imports are estimated at US$ 76.55 billion, reflecting a decline of 5.76 per cent on a year-on-year basis.

The simultaneous contraction in both exports and imports suggests a softening of external demand
conditions as well as adjustments in import volumes, potentially influenced by global trade disruptions,
elevated uncertainty, and fluctuations in commodity prices. While the decline in imports may provide
some relief to the trade balance in the short term, it also reflects the broader impact of global economic
conditions on trade flows. In the current context of heightened geopolitical tensions and supply chain
disruptions, these trends indicate increasing sensitivity of India’s trade dynamics to external shocks.

Table 3: Trade during March 2026

Source - Ministry of Commerce & Industry Page | 19

April 2026