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Trade data for April-August 2026, released by the Department of Commerce on Tuesday (September 15), reveal five important trends.

First, India’s merchandise exports rose 17.9%, from $183.2 billion to $215.9 billion. This is welcome, but much of the increase appears to reflect higher commodity prices and growth in import-dependent products, rather than a broad rise in export volumes or domestic value addition. Petroleum-product exports increased by $10 billion, while imports of crude oil and petroleum rose by $17.6 billion. Electronics exports grew by $7.6 billion, but electronics imports jumped by $20.2 billion. Engineering exports also benefited partly from higher prices of metals, ores and........

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