India’s merchandise exports rose nearly 45% year-on-year to a record $49.47 billion in October, the Commerce Ministry said on Friday, 13 November, as total exports of goods and services grew 29.9% to $89.99 billion.
Commerce Secretary Rajesh Agrawal said India had recorded its highest-ever monthly goods exports in October. Petroleum products, electronic goods, engineering goods, gems and jewellery and chemicals were among the main drivers of the growth.
For the first seven months of the financial year, from April to October 2026-27, India’s combined exports of merchandise and services are estimated at $568.84 billion, up 16.66% from $487.59 billion in the same period last year. Merchandise exports alone rose 21.96% to $309.06 billion over the same period.
The strong export month came with a wider trade gap. Merchandise imports rose to $89.35 billion in October, pushed up by higher oil and gold imports, leaving a merchandise trade deficit of $39.88 billion, a one-year high. Services exports, estimated at $40.51 billion, helped bring the combined goods and services deficit for the month down to $20.09 billion.
The United States remained India’s largest export market, with shipments worth $59.52 billion in April-October. The ministry noted that the October services figures are estimates, as the latest Reserve Bank of India services data available was for September.
