India’s export performance has improved sharply after a weak period between December and March, think tank GTRI said, adding that the more encouraging sign is that the recovery extends beyond petroleum. “Exports excluding petroleum grew 9% in April and 11.9% in May, reversing a 9.2% contraction in March and near-stagnation in January.

In value terms, non-petroleum exports rose from $32.9 billion in May 2025 to $36.8 billion in May 2026. This suggests that India’s recent export rebound is not simply the result of higher petroleum shipments: electronics and other non-oil products are also contributing,” it said.

GTRI, however, cautioned that the sharp month-to-month swings—from contraction in March to double-digit growth in April and May—show that the recovery remains volatile and needs several more months of data before it can be considered durable.

Total merchandise exports rose 13.8% year-on-year in April 2026 and 18% in May, compared with growth of just 0.6% in January, a 0.8% decline in February and a steep 7.4% contraction in March. Export values increased from $38.3 billion in May 2025 to $45.2 billion in May 2026. The turnaround is broad-based but uneven: petroleum exports surged 35.2% in April and 55.6% in May, while electronics exports jumped 40.5% in April before slowing to 10.9% growth in May.