Petroleum Products (22% Share in Total Exports) Up by 54% in April Over March as Refining Margins Jump

Ø Total Exports Up 11.19% Helped by Falling Rupee

Ø Gold Import Up 54% in April Over March as Indian Currency Weaken to Hit Rs. 96 to the Dollar

Ø Merchandise exports during April 2026 were US$ 43.56 Billion, as compared to US$ 38.28 Billion during April 2025, registering a positive growth of 13.78%

Ø Non-Petroleum exports during April 2026 valued at US$ 33.97 Billion registered an increase of 9.01% as compared to US$ 31.16 Billion during April 2025

Ø Major drivers of merchandise exports growth in April 2026 include Petroleum Products, Electronic Goods, Engineering Goods, Meat, Dairy & Poultry Products and Drugs & Pharmaceuticals

Ø Petroleum Products exports increased by 34.66 % from US$ 7.12 Billion in April 2025 to US$ 9.59 Billion in April 2026

Ø Electronic Goods exports increased by 40.31 % from US$ 3.69 Billion in April 2025 to US$ 5.18 Billion in April 2026

Ø Engineering Goods exports increased by 8.76 % from US$ 9.52 Billion in April 2025 to US$ 10.35 Billion in April 2026

Ø Meat, Dairy & Poultry Products exports increased by 48.03 % from US$ 0.37 Billion in April 2025 to US$ 0.55 Billion in April 2026

Ø Drugs & Pharmaceuticals exports increased by 7.12 % from US$ 2.49 Billion in April 2025 to US$ 2.66 Billion in April 2026

· India’s exports rose 13.8% year-on-year to $43.6 billion in April 2026, the highest monthly export level in over four years and the fastest growth in five months.

· Imports increased 9.9% to $71.9 billion, leading to a trade deficit of $28.3 billion, the highest in three months.

· Petroleum product exports surged 34.7% to $9.6 billion, driven by higher global oil prices. Engineering goods remained the top export category at $10.3 billion.

· Electronics exports recorded the fastest growth among major sectors, rising over 40% to $5.2 billion.

· Non-oil exports grew 9%, slower than overall export growth due to the sharp rise in petroleum exports.

· Imports of crude oil and petroleum products declined 10% to $18.6 billion, likely due to lower LPG imports despite higher crude prices.

· Gold imports jumped 81.7% to $5.6 billion, while silver imports increased sharply from $160 million to $411 million.

· Commerce Secretary Rajesh Agrawal said exports remained resilient despite global uncertainties and disruptions in West Asia.

· Trade with West Asia was affected by the regional conflict, with exports to the region falling 28% to $4.2 billion and imports declining 31.6% to $10.5 billion.

· The government aims to raise India’s total exports, including services, to $1 trillion in FY2026, supported by export promotion schemes and upcoming free trade agreements.

Higher petroleum prices propelled India’s exports to $43.6 billion, the highest monthly level in over four years, showing a 13.8% growth, which is fastest in five months. Imports rose 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, next only to engineering ($10.3 billion). Diesel, aviation fuel and petrol exports had shrunk nearly 15% to under $54 billion last year as global prices remained muted.

In April, among the top export items, only electronics clocked a faster growth, rising over 40% to $5.2 billion. The change in fortunes due to higher international prices also meant that after a long time the growth in nonoil exports of 9% in April was slower than the overall pace of expansion.

On the import side, import of “petroleum, crude and products” declined 10% to $18.6 billion, despite a sharp rise in the cost of crude. The fall probably was accounted for by lower LPG imports. The $2 billion decline in oil import bill was, however, more than offset by an 81.7% jump in gold imports to $5.6 billion in April, from $3.1 billion a year ago, while silver imports soared from $160 million to $411 million.

Commerce secretary Rajesh Agrawal said Indian exports had registered healthy exports, despite global headwinds.

The disruption in West Asia has, however, affected trade with the region, with oil and gas being the dominant item. Agrawal said exports to the region fell 28% to $4.2 billion in April, while imports dropped 31.6% to $10.5 billion.

Asked about the impact of depreciating rupee on exports, the secretary said: “Till now it has been showing a positive trajectory and the early signs from May also look at it being positive.” He added that higher oil prices will not impact export competitiveness as all countries were dealing with the issue and stated that Indian consumers and exporters have so far been largely insulated from its impact due to limited or no pass through.

Agrawal also said that the commerce department will work towards pushing the overall exports, including services, to $1 trillion in the current financial year, nearly 16% higher than last year’s level of $863 billion.

The Rs 25,060 crore export promotion mission and free trade agreements will help push the shipments this year. “New operational agreements will create opportunities for our exporters, which they are already working around to see how best we can leverage it. We are looking forward to the operationalisation of some of these FTAs in the next few months,” he said.

[ABS News Service/16.05.2026]