Page 21 - Policy Economic Report - April 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 7: Total Trade during March 2026

Source - Ministry of Commerce & Industry
India’s external trade during FY 2025–26 (April–March) remained broadly resilient, albeit with emerging
imbalances. Total exports (merchandise and services combined) are estimated at US$ 860.09 billion,
registering a growth of 4.22 per cent over the previous year. In comparison, total imports are estimated
at US$ 979.40 billion, reflecting a higher growth of 6.47 per cent.
The divergence between export and import growth indicates a widening trade gap, driven in part by
stronger domestic demand and continued dependence on imports, particularly in energy and industrial
inputs. While export growth underscores the resilience of India’s external sector supported by services
exports and diversified markets the relatively faster growth in imports points to underlying structural
pressures on the trade balance. In the context of rising global energy prices and geopolitical uncertainties,
this trend highlights the increasing sensitivity of India’s external position to external demand conditions
and commodity price movements.
Figure 8: Trade during FY 2025-26 (April-March)

Source - Ministry of Commerce & Industry Page | 20

April 2026