India’s merchandise exports may cross $500 billion in FY27: Commerce Secretary

India’s merchandise exports could cross $500 billion in FY27 if the trend of higher shipments in the second half of the fiscal year continues, Commerce Secretary Rajesh Agrawal said on October 15.

“If the trend of last year continues, where merchandise exports in the second half of the year were much higher than the first half, then we are looking at full-year exports to be much higher than $500 billion,” he said.

According to official trade data, merchandise exports stood at $259.9 billion in April-September of FY27, up 18.5 per cent from $219.3 billion in the corresponding period of FY26.

In October-March, or the second half of FY26, merchandise exports stood at $222.5 billion.

Agrawal noted that India’s exports were rising as domestic production and capacity increased.

Non-petroleum exports stood at $218.7 billion in April-September of FY27, up 15.5 per cent from $189.3 billion recorded in the corresponding period of FY26.

The top 10 destinations for India’s merchandise exports in the first half of FY27 were the US, the UAE, China, Singapore, the Netherlands, the UK, Germany, South Africa, Bangladesh and Malaysia.

During the period, India exported goods worth $50.8 billion to the US, $16.7 billion to the UAE, $11.4 billion to China, $11.1 billion to Singapore and $8.3 billion to the Netherlands.

Engineering goods led India’s merchandise export basket in the first half of FY27, with shipments worth $70.9 billion. They were followed by petroleum products at $41.2 billion, electronic goods at $32 billion, organic and inorganic chemicals at $16.4 billion, and drugs and pharmaceuticals at $16.1 billion.

Gems and jewellery exports stood at $15.3 billion, followed by textiles at $7.3 billion, cotton, yarn and handloom products at $6.3 billion, rice at $5.8 billion, and plastics at $5.11 billion.