India's Merchandise Exports Hit Record $49.47 Billion, Up 45% in October 2026

India's merchandise exports stood at $49.47 billion in October 2026, up 45.06% from $34.11 billion in October last year. This was the highest monthly merchandise export figure recorded by the country, according to a Times of India news report citing data released by the Ministry of Commerce and Industry on Friday. 

Exports were also higher than the $44.40 billion recorded in September. Trade Secretary Rajesh Agrawal confirmed that India had registered its highest-ever monthly goods exports during October. 

Merchandise Imports and Trade Deficit 

Merchandise imports increased to $89.35 billion in October from $76.69 billion in the same month last year. Imports had stood at $74.61 billion in September. 

The merchandise trade deficit widened to $39.88 billion during the month. It was higher than the $30.21 billion recorded in September and the $32.25 billion forecast by economists in a Reuters poll. The October figure was the highest in a year. 

Overall Trade Figures 

India's combined exports of goods and services rose 29.9% year-on-year to $89.99 billion in October, against $69.27 billion a year earlier. Total imports also increased to $110.07 billion from $94.42 billion. 

The overall trade deficit, however, declined to $20.09 billion from $25.15 billion in October 2025. 

Services exports were estimated at $40.51 billion, compared with $35.17 billion in the corresponding month last year. Services imports rose to $20.72 billion from $17.73 billion. The surplus from services trade partly offset the merchandise trade deficit. 

The ministry said October's services figures were estimates. The latest actual data released by the Reserve Bank of India was for September. 

Crude Oil Imports and Trade Agreements 

India imports nearly 85% of its crude oil requirements. Disruptions in global energy markets following the Middle East conflict have added to import costs. Brent crude prices have fallen to around $92 per barrel, providing some relief. 

India has implemented trade agreements with the UK and New Zealand this year. A trade deal with the European Union is expected to be implemented early next year. 

Read More: RBI Clarifies Existing CTS Cheque Books Will Remain Valid After December 31, 2026! 

Conclusion 

India's goods exports reached a monthly record in October, while merchandise imports also increased. The rise in services exports helped bring down the overall trade deficit despite the wider merchandise trade gap. 

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