(Photo courtesy: PickPik)
New Delhi: India’s overall trade performance showed mixed momentum in October, with strong year-to-date growth offset by a dip in monthly exports and a widening deficit.
According to provisional estimates, total exports of merchandise and services in October stood at $72.89 billion, marginally lower by 0.68% compared with $73.39 billion a year ago. Imports, however, surged 14.87% to $94.70 billion, resulting in a steep trade deficit of $21.80 billion for the month, more than double the $9.05 billion deficit in October 2024.
Despite the October slowdown, triggered by the tariff war with the US, cumulative performance for April-October 2025 remained robust. Combined exports in the seven-month period rose 4.84% to $491.80 billion compared with $469.11 billion in the corresponding period last year. Imports expanded at a faster 5.74% to $569.95 billion, widening the cumulative trade deficit to $78.14 billion from $69.92 billion in April-October 2024.
Merchandise exports in October declined 11.79% year-on-year to $34.38 billion, while imports jumped 16.64% to $76.06 billion. For April-October, merchandise exports edged up 0.63% to $254.25 billion, whereas imports were sharply higher at $451.08 billion, up from $424.06 billion a year earlier, driving the merchandise trade deficit to $196.82 billion.
Growth boosters
Export momentum was supported by select sectors. Electronic goods, meat, dairy and poultry products, marine products, cashew and coffee emerged as the key drivers, posting double-digit growth in October.
Electronic goods exports rose 19.05% to $4.08 billion, while cashew shipments more than doubled at 126.85%. Meat, dairy and poultry products surged 30.87%, marine products climbed 11.08%, and coffee exports grew 10.91%.
On the other hand, exports excluding petroleum and gems & jewellery fell to $28.14 billion in October from $31.32 billion last year. Imports under the same segment also softened slightly to $42.78 billion, though broader non-petroleum imports rose sharply.
Services trade continued to display strength, cushioning the weakness in merchandise performance. Exports of services in October were estimated at $38.52 billion, up from $34.41 billion, while imports rose to $18.64 billion. For April-October, services exports increased 9.75% to $237.55 billion and services imports to $118.87 billion, resulting in a services surplus of $118.68 billion compared with $101.49 billion last year.
Among export destinations, China, Spain, Sri Lanka, Vietnam and Tanzania recorded the highest year-on-year increases in October. On the import side, Switzerland, Hong Kong, the UK, China and the UAE saw the sharpest rise in shipments to India, reflecting shifting sourcing patterns in global trade.