India Trade Deficit widens to a record high of $41.68 billion, as exports contracted 11.8 per cent to $34.38 billion in October on account of the impact of high tariffs by the US, mainly due to a jump in gold imports. According to India commerce ministry data released on Monday, the import of India jumped 16.63 per cent to an all-time high of U$76.06 billion due to high inbound shipments of the yellow metal, silver, cotton raw/waste, fertiliser, and sulphur.
As far as Indian economy news is concerned for the month of September, India trade deficit widened to $31.15 billion, the highest in over a year. Gold imports rose about 200 per cent to $14.72 billion, silver rose 528.71 per cent to $2.71 billion during October. Crude oil imports dipped to $14.8 billion in October from USD 18.9 billion in the same month last year.
India Trade Deficit Widens to Record High
This fiscal year, during April-October, India exports increased marginally by 0.63 per cent to $254.25 billion, and imports rose 6.37 per cent to $451.08 billion. Latest Indian foreign trade update depicts that Merchandise trade deficit during April-October 2025 was $196.82 billion as compared to $71.40 billion in the same period during April-October 2024.
Briefing media on widening trade deficit, Commerce Secretary Rajesh Agrawal said, despite global uncertainties, “we are holding our ground”. He also said that fall in India export figures in the last month can also be attributed to the base effect ($38.98 billion in October 2024).
Indian economy news also suggests that key segments such as engineering goods, petroleum products, gems and jewellery, apparel and textiles, organic and inorganic chemicals, pharmaceuticals, and plastic goods witnessed noticeable contraction, weighing down the overall export performance. Handicrafts, carpet, leather, iron ore, tea, rice, tobacco, spices and oil meals, too, recorded negative growth in exports in October. Petroleum product shipments dipped 10.5 per cent to about $4 billion, while engineering goods shipments fell 16.71 per cent.
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