How petroleum products are boosting India’s export growth

Data released by the Ministry of Commerce and Industry on August 13, 2026, showed India’s exports gaining momentum, despite the ongoing war in West Asia, driven in particular by the growth in export of merchandise (goods).

In July 2026, India exported $44.2 billion worth of goods, up nearly 20% compared to July 2025. Though the growth in the goods exports was encouraging, India’s merchandise trade deficit widened from nearly $28 billion in July 2025 to $32 billion in July 2026 due to higher growth in imports. Analysis showed that the growth in exports was largely driven by an increase in the export of petroleum products, whose prices have gone up since the U.S. launched its attack on Iran in the last week of February.