India’s export slump contrasts with sharp import growth in October data

India’s trade deficit widened in October as exports fell and imports, driven by gold and silver, rose sharply

November 17, 2025

India reports export contraction and rising imports in October trade data

Exports see double-digit decline in October amid strong import growth

India’s merchandise exports declined 11.8 percent to USD 34.38 billion in October, even as imports recorded a sharp rise driven largely by gold and silver shipments, according to official data released on Monday.

Imports increased 16.63 percent to USD 76.06 billion, widening the trade deficit to USD 41.68 billion for the month.

Commerce Secretary Rajesh Agrawal said exports to the United States fell to USD 6.3 billion in October compared to USD 6.9 billion in the same month last year.

The surge in imports was led by precious metals. Gold imports rose significantly to USD 14.72 billion from USD 4.92 billion a year earlier, while silver shipments also showed a substantial uptick.

For the April–October period of the current fiscal year, exports edged up marginally by 0.63 percent to USD 254.25 billion. Imports during the period grew 6.37 percent to USD 451.08 billion, the commerce ministry said.

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