Export Volume Growth Drives India’s Merchandise Exports in April–May Despite Higher Commodity Prices

Commerce Ministry analysis shows volume growth across 72 product categories, while crude oil, aluminium and copper prices supported higher export values.

India’s merchandise exports reached $78.6 billion during April–May, covering 168 product categories, with export growth supported by higher commodity prices as well as increased shipment volumes across several sectors. A commerce ministry analysis found that 72 product categories recorded growth in both export value and volume, accounting for 32% of India’s total exports during the period.

India’s recent export growth was driven not only by higher value realisation due to elevated commodity prices, particularly for crude oil, aluminium and copper since the onset of the war in West Asia, but also by increased export volumes in several product categories.

During April–May, India’s exports stood at $78.6 billion across a total of 168 product categories. Quantity data can be determined for 100 of these categories. Of these, export volumes measured by weight were available for 92 categories, while the remaining 8 categories were measured by the number of units.

The 92 product categories with quantity data accounted for exports worth $41.2 billion during April–May.

According to a commerce ministry analysis, 72 product categories recorded growth in both export value and export volume. These categories accounted for 32% of India’s total exports during the period.

Within these 72 categories, combined export value and volume growth occurred in 58 categories, representing 27.5% of India’s total exports during April–May.

The export value of the 92 products measured by weight reached $41.2 billion during the two-month period, while exports from the remaining 8 categories measured by units stood at $3.4 billion.

Around $33.9 billion worth of exports came from 68 product categories for which quantity data is available. The increase in crude prices, however, supported petroleum exports, which increased 44.6% to $18.1 billion.

Engineering goods were among the product categories that recorded growth in both export value and volume, including aluminium and aluminium products, iron, iron and steel, and iron and steel products.

In the agriculture sector, both export value and volume increased for non-basmati rice, other cereals, wheat, and pulses.

Other sectors showing growth included drug formulations, biologicals, organic chemicals, and steel products.

During 2025–26, 168 product categories enabled exports worth $441.7 billion. Quantity data was available for 104 product categories. Among these, 68 categories recorded growth in both export value and volume, accounting for 30% of India’s exports during the year.

Product categories registering both volume and value growth during 2025–26 included motor vehicles, passenger cars, two- and three-wheelers, and lead and lead-based products.

In the agriculture sector, export value and volume growth was recorded for coffee, tea, fruits, vegetables, and other cereals.

Additional product categories showing growth included drug formulations, biologicals, bulk drugs, drug intermediaries, and processed minerals.