India, in Infographics: Trade & Exports
A Widening Goods Deficit, A Rising Services Surplus
India’s Trade In Four Lines, FY2014-15 To FY2025-26 — Merchandise And Services, Exports And Imports. Goods Imports ($776bn In FY2025-26) Have Pulled Far Ahead Of Goods Exports ($441bn), Opening A Deep Merchandise Deficit. But Services Tell The Opposite Story: Exports ($421bn) Now Run More Than Twice Imports ($204bn), And That Surplus Pays For Most Of The Goods Gap.
India’s Exports And Imports Of Merchandise (DGCI&S Customs) And Services (RBI Balance Of Payments), Indian Fiscal Years FY2014-15 To FY2025-26, US$ Billion. Hover Any Year For All Four Figures. A Month-Wise View Of The Last Three Years Is In The Works. Sources: DGCI&S; RBI; Ministry Of Commerce.
Merchandise Imports, FY26
$776bn
India’s Largest Flow — Crude Oil, Electronics, Gold And Machinery.
Merchandise Exports, FY26
$441bn
Goods Exports Lag Imports By More Than $330bn.
Services Exports, FY26
$421bn
Nearly Level With Goods Exports — And Rising Fastest Of The Four.
Services Imports, FY26
$204bn
Services Exports Run More Than 2x This — A Standing Surplus.
What The Numbers Say
Two Trades, Pulling Opposite Ways. On Goods, India Is A Large And Growing Net Importer — Oil, Electronics And Gold Keep Merchandise Imports Far Above Exports. On Services, It Is A Large Net Exporter — Software, Business And Professional Work Sold To The World. The Services Surplus (About $217bn In FY2025-26) Offsets Most Of The Goods Deficit (About $334bn), Leaving A Manageable Overall Trade Gap. The Direction To Watch Is The Gold And Cyan Lines: If Services Exports Keep Rising Toward Goods Imports, India’s External Balance Steadily Strengthens.
How This Was Built
Merchandise
DGCI&S Customs Exports And Imports, Indian Fiscal Years, US$ Billion. FY2016-17 To FY2025-26 Are Verified To The Dollar Against The DGCI&S Export-Import Data Bank; Earlier Years Are DGCI&S Customs Annual Figures.
Services
RBI Balance-Of-Payments Services Credit (Exports) And Debit (Imports), Indian Fiscal Years. Recent Years Are RBI / Ministry Of Commerce; Earlier Years Derive Imports From Fiscal Services Exports Minus The Net Services Surplus, Corroborated To World Bank BoP Levels.
Sources: DGCI&S Export-Import Data Bank (Merchandise); RBI Balance Of Payments (Services); Ministry Of Commerce / PIB (Combined Totals). Retrieved 15 September 2026.
