Indian goods exports are estimated to have grown 15% in May, continuing the momentum from April, as the crude refining industry benefited from high global oil prices, a government official said Monday. Excluding petroleum products, merchandise exports rose 11% last month.
“It’s not only the petroleum products that drive the value. Indian goods in other industries are also doing well,” the official said.
April Trade Performance
In April 2026, India’s merchandise exports surged to $43.6 billion, the highest monthly level in over four years, recording a 13.8% year-on-year growth, according to official data. Imports grew at a more moderate pace of 9.9% to $71.9 billion, resulting in a trade deficit of $28.3 billion — a three-month high. Oil product exports jumped 34.7% to $9.6 billion in April.
| Indicator | April 2026 Value | Year-on-Year Change |
|---|---|---|
| Goods exports | $43.6 billion | +13.8% |
| Goods imports | $71.9 billion | +9.9% |
| Trade deficit | $28.3 billion | (three-month high) |
| Oil product exports | $9.6 billion | +34.7% |
India-US Trade Agreement and Section 301
The official also noted that the first phase of the bilateral trade agreement between India and the United States can be finalised after the conclusion of the Section 301 investigations by the US. The conclusion of the probe is important because the temporary 10% additional tariffs imposed by the US will end on July 24. After that date, only the Most Favoured Nation (MFN) tariffs will apply to US trading partners, including India.
The outcome of the Section 301 investigation will determine the tariff treatment for Indian exports once the temporary surcharge expires, potentially improving market access for Indian goods in the US market.
Sources:
