Electronics, petroleum products and engineering goods drive export growth, while imports climb to $89.35 billion.
Highlights:
- Merchandise exports rise 45% year-on-year to $49.47 billion.
- Imports reach a record $89.35 billion in October.
- Merchandise trade deficit widens to $39.88 billion.
- Exports increase to 43 of India’s nearly 50 major markets.
- Electronics exports grow 62.7%; petroleum products rise 140%.
- Combined goods and services exports stand at $89.99 billion.
India’s merchandise exports surged 45% year-on-year to $49.47 billion in October, marking the highest monthly shipment value recorded so far, according to a Dainik Jagran report citing commerce ministry figures. Growth across several product categories and overseas markets supported the sharp increase.
Imports also reached a record $89.35 billion during the month. This pushed the merchandise trade deficit—the gap between goods imports and exports—to $39.88 billion, its highest level in 12 months. The figures show that the strong export performance was accompanied by an even larger import bill.
Including services, India’s total exports stood at $89.99 billion in October, the report said. Services accounted for approximately $40.51 billion of this amount.
Electronics and petroleum lead growth
Petroleum product exports rose 140%, while electronics shipments increased 62.7%. Engineering goods, another major export category, registered growth of 36%.
Handicraft exports increased 55.22%, plastics rose 36.28%, and chemicals recorded growth of 36.2%. Garment exports grew 20.33%, while rice shipments increased 18.39%. Pharmaceutical exports rose 10.55%, indicating that the expansion extended across both manufacturing and agricultural products.
Gems and jewellery exports climbed 34.01% to $2.92 billion, compared with $2.18 billion in the corresponding month a year earlier. The report attributed part of the increase to advance orders ahead of Christmas and New Year shopping.
Growth across major overseas markets
India recorded export growth in 43 of its nearly 50 major destination markets. Shipments to the United States, India’s largest export market, increased 48%, while exports to China rose 24.05%.
Exports to Singapore jumped 169%, and those to Malaysia grew 119%. Tanzania recorded growth of 86%, Nepal 59%, Japan 33.26%, and South Africa 26.61%.
The report linked the broader expansion to India’s efforts to diversify export destinations and strengthen trade relationships across regions.
Meanwhile, gold imports declined 62% from October a year earlier, while silver imports fell 28%.
Commerce Secretary Rajesh Agrawal said combined goods and services exports reached $478.85 billion in the first half of the financial year, up 14.7% year-on-year. He expressed confidence that stronger shipments in the second half could help annual exports reach the $1 trillion mark.
