Page 16 - Policy Economic Report - Feb 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

in February, slightly lower than January's final reading of 58.5, but still indicating strong expansion
in services activity.

India’s external position

India’s forex reserves

India's foreign exchange (forex) reserves rose sharply by $8.6 billion to a record high of $725.7 billion in
the week ended February 13, 2026, as per the latest Reserve Bank of India (RBI).

According to RBI, the value of gold reserves, a key component of foreign exchange reserves, increased by
4.990 billion dollars to 128.466 billion dollars. Foreign Currency Assets (FCA), the largest component of
forex reserves, increased by 3.550 billion dollars to 573.603 billion dollars. FCA includes the dollar, along
with several other major global currencies such as the yen, euro, and pound, whose value is expressed in
dollars. The value of SDRs (Special Drawing Rights) increased by 103 million dollars to 18.924 billion
dollars.

India’s foreign trade position

• India’s total exports (Merchandise and Services combined) for January 2026 is estimated at US$
80.45 Billion, registering a growth of 13.17 percent vis-à-vis January 2025.

• Total imports (Merchandise and Services combined) for January 2026 are estimated at US$
90.83 Billion, registering a growth of 18.76 percent vis-à-vis January 2025.

Table 1: Trade during January 2026

Merchandise Exports January 2026 January 2025
(USD Billion) (USD Billion)
Imports
36.56 36.34
Services Exports 71.24 59.77
43.90 34.75
Imports 19.60 16.71
80.45 71.09
Total Trade Exports 90.83 76.48
-10.38 -5.39
(Merchandise + Services)

Imports

Trade Balance
Source - Ministry of Commerce & Industry

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