India's exports surge nearly 30% to USD 89.99 billion in October, trade deficit narrows to USD 20.09 billion

India's overall exports, comprising merchandise and services, surged nearly 30 per cent to USD 89.99 billion in October, compared with USD 69.27 billion in the corresponding month last year, driven by strong growth in merchandise shipments, according to data presented by the Ministry of Commerce and Industry on Friday.

India's overall exports, comprising merchandise and services, surged nearly 30 per cent to USD 89.99 billion in October, compared with USD 69.27 billion in the corresponding month last year, driven by strong growth in merchandise shipments, according to data presented by the Ministry of Commerce and Industry on Friday. The data showed that India's overall trade deficit narrowed to USD 20.09 billion in October 2026 from USD 25.15 billion in October 2025, despite an increase in imports during the period.

Overall imports, including merchandise and services, rose to USD 110.07 billion in October 2026 from USD 94.42 billion in the same month last year. The share of the trade deficit in total trade declined to 10.04 per cent in October 2026 from 15.36 per cent a year earlier, indicating an improvement in the country's overall trade balance.

Merchandise exports registered particularly strong growth of 45.06 per cent, rising to USD 49.47 billion in October 2026 from USD 34.11 billion in October 2025. Meanwhile, merchandise imports increased to USD 89.35 billion during the month, compared with USD 76.69 billion in the year-ago period.

Despite the sharp increase in merchandise exports, India's goods trade remained in deficit, with merchandise imports continuing to exceed exports. In the services sector, exports were estimated at USD 40.51 billion in October 2026, compared with USD 35.17 billion in October 2025, reflecting continued growth in services receipts.

Services imports also increased to an estimated USD 20.72 billion from USD 17.73 billion in the corresponding month last year. The services sector continued to record a trade surplus, helping offset the deficit in merchandise trade and supporting the improvement in the country's overall trade position.

The ministry clarified that the latest available services sector data released by the Reserve Bank of India (RBI) pertains to September 2026, while the figures for October 2026 are estimates. The October trade figures indicate that export growth outpaced import growth during the month, contributing to a reduction in the overall trade deficit compared with the corresponding period last year.

The strong performance of merchandise exports emerged as a key driver of India's overall export growth during October. (ANI)

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