India Sees Trade Growth Despite October Export Dip
New Delhi: India’s total exports, encompassing both merchandise and services, reached an estimated United States Dollar (US$) 491.80 billion during the period from April to October 2025, marking a growth of 4.84 per cent over US$469.11 billion in the corresponding period of 2024. Merchandise exports during this period stood at US$254.25 billion, a marginal rise from US$252.66 billion in April‑October 2024, while non‑petroleum exports recorded an increase of 3.92 per cent to US$219.90 billion compared to US$211.60 billion a year earlier.
Among the key contributors to merchandise exports growth in October 2025 were electronic goods, meat, dairy and poultry products, marine products, cashew and coffee. Electronic goods exports rose by 19.05 per cent, from US$3.43 billion in October 2024 to US$4.08 billion in October 2025. Meat, dairy and poultry products exports surged 30.87 per cent to US$0.58 billion, marine products increased by 11.08 per cent to US$0.90 billion, cashew exports more than doubled, rising 126.85 per cent to US$0.06 billion, and coffee exports grew by 10.91 per cent to US$0.13 billion.
India’s total exports for October 2025 alone are estimated at US$72.89 billion, showing a slight decline of 0.68 per cent compared with October 2024. Imports for the same month, combining merchandise and services, are estimated at US$94.70 billion, registering a significant increase of 14.87 per cent over the previous year. Merchandise imports in October 2025 were US$76.06 billion, up from US$65.21 billion, while services imports stood at US$18.64 billion, compared to US$17.23 billion. This resulted in a trade deficit of US$21.80 billion for October 2025, wider than the US$9.05 billion recorded in October 2024.
For the cumulative April‑October 2025 period, total imports were estimated at US$569.95 billion, a 5.74 per cent increase over US$539.02 billion in the same period of the previous year. Merchandise imports during April‑October 2025 reached US$451.08 billion, while services imports were US$118.87 billion. The overall merchandise trade deficit stood at US$196.82 billion, compared to US$171.40 billion in April‑October 2024, and the total trade balance, combining merchandise and services, was negative at US$78.14 billion.
Excluding petroleum and gems and jewellery, non‑petroleum and non-gems & jewellery exports during April‑October 2025 were valued at US$203.40 billion, up from US$194.41 billion, while imports in this category rose to US$286.28 billion from US$264.56 billion. For October 2025, non‑petroleum and non-gems & jewellery exports were US$28.14 billion, down from US$31.32 billion, while imports were US$42.78 billion, up from US$39.58 billion in October 2024.
Services exports also displayed a strong performance, estimated at US$237.55 billion during April‑October 2025, an increase from US$216.45 billion, while services imports rose to US$118.87 billion from US$114.96 billion. The services trade surplus for April‑October 2025 stood at US$118.68 billion, compared to US$101.49 billion in the same period last year.
Among exports, cashew, meat, dairy and poultry products, electronic goods, other cereals, marine products and coffee registered positive growth in October 2025 compared with October 2024. On the import side, items such as pearls, precious and semi-precious stones, petroleum crude and products, pulp and waste paper, iron and steel, newsprint, pulses, coal and coke, artificial resins and plastics, wood products, textiles, and chemicals recorded declines in October 2025 compared with the corresponding month of the previous year.
Key export destinations showing growth in October 2025 included China (42.35 per cent), Spain (43.43 per cent), Sri Lanka (29.02 per cent), Vietnam (21.42 per cent) and Tanzania (17.92 per cent). For the cumulative April‑October period, top destinations were the United States (10.15 per cent), China (24.77 per cent), United Arab Emirates (5.88 per cent), Spain (40.74 per cent) and Hong Kong (20.7 per cent). Leading import sources exhibiting growth during April‑October 2025 were China (11.88 per cent), the United Arab Emirates (13.43 per cent), Hong Kong (31.38 per cent), Ireland (169.44 per cent) and the United States (9.73 per cent).
Overall, while India’s merchandise exports showed modest growth, the services sector continued to perform strongly, helping mitigate the widening trade deficit caused by higher merchandise imports. The data underscores the growing significance of technology, agri-products, and niche commodities like cashew and coffee in India’s export basket.
– global bihari bureau
