Despite higher services exports, India’s October trade deficit surged to US$31.5 billion as merchandise exports slipped 2.8% and imports jumped past US$66 billion.
India’s trade figures for April–October 2025 show moderate overall growth, supported by rising services exports and steady demand for electronics, even as merchandise imports widened the trade gap. Total exports for the seven-month period were estimated at US$491.80 billion, up 4.84 per cent from US$469.11 billion a year earlier. Total imports rose 5.74 per cent to US$569.95 billion, expanding the trade deficit to US$78.14 billion.
In October 2025 alone, combined exports stood at US$72.89 billion, marginally lower than US$73.39 billion in October 2024. Imports for the month rose sharply by 14.87 per cent to US$94.70 billion, driven largely by higher merchandise inflows. This resulted in a monthly trade deficit of US$21.80 billion, more than double the US$9.05 billion deficit recorded a year earlier.
Merchandise exports in October fell to US$34.38 billion from US$38.98 billion in the previous year, while imports surged to US$76.06 billion from US$65.21 billion. For April–October 2025, merchandise exports edged up to US$254.25 billion, but imports rose faster, reaching US$451.08 billion, widening the merchandise trade deficit to US$196.82 billion.
Electronics remained an important bright spot. Electronic goods exports in October grew 19.05 per cent year-on-year, supported by sustained global demand for India-made components and finished products. For the electronics industry, rising non-petroleum, non-gems and jewellery exports—US$203.40 billion in April–October 2025 compared with US$194.41 billion last year—underline continued momentum in categories such as semiconductors, electronic components and consumer electronics.
Services trade continued to offset part of the merchandise deficit. Services exports for October were estimated at US$38.52 billion, up from US$34.41 billion last year. For April–October, services exports reached US$237.55 billion, up 9.75 per cent. The sector generated a surplus of US$118.68 billion, significantly higher than the US$101.49 billion surplus a year earlier, providing crucial support to the overall trade balance.
Cashew, electronic goods, marine products, coffee and other cereals saw notable export gains in October. On the import side, several categories recorded declines, including petroleum products, iron and steel, plastics, chemicals and pulses.
China, the USA, the UAE and Spain remained among the fastest-growing destinations for Indian exports during the period, while Switzerland, Hong Kong and the UK were key contributors to import growth.
