India’s merchandise and services exports for the period April to October 2025 are estimated at US$ 491.80 billion — up 4.84 percent compared with US$ 469.11 billion in the same period last year.
Merchandise exports alone during April–October reached US$ 254.25 billion, recording a modest increase of 0.63 percent over US$ 252.66 billion in the previous year.
Exports excluding petroleum registered stronger growth, with non-petroleum exports valued at US$ 219.90 billion — a rise of 3.92 percent compared with US$ 211.60 billion in April–October 2024.
Despite these gains, the trade picture for October shows signs of stress. Total exports for the month (merchandise + services) are estimated at US$ 72.89 billion, a slight decline of 0.68 percent compared with October 2024. Imports for October are estimated at US$ 94.70 billion — up 14.87 percent year-on-year — widening the trade deficit to US$ 21.80 billion from US$ 9.05 billion in October 2024.
Among merchandise exports in October, key sectors posted strong gains: electronic goods grew 19.05 percent; meat, dairy & poultry products rose 30.87 percent; marine products climbed 11.08 percent; cashew exports surged 126.85 percent; coffee saw a 10.91 percent increase. Meanwhile, non-petroleum and non-gems & jewellery exports for October stood at US$ 28.14 billion, down from US$ 31.32 billion in October 2024.
On the services front, estimated export value for April–October is US$ 237.55 billion, up from US$ 216.45 billion a year earlier. The services trade surplus for this period is estimated at US$ 118.68 billion versus US$ 101.49 billion during April–October 2024.
The widening merchandise trade deficit is a concern: for April–October, merchandise imports reached US$ 451.08 billion, up from US$ 424.06 billion a year ago, pushing the merchandise trade gap to US$ 196.82 billion compared with US$ 171.40 billion.