India records highest-ever monthly merchandise exports

NEW DELHI: India’s merchandise exports reached a record $49.47 billion in October 2026, registering an 11.4 per cent increase over the $44.40 billion recorded in September, despite continuing uncertainties in global markets, according to official figures released by the Ministry of Commerce and Industry on Friday.

Commerce Secretary Rajesh Agrawal confirmed the record while announcing the latest trade figures, calling October a historic month for India’s merchandise exports.

The gems and jewellery sector emerged as a major contributor, recording a 34 per cent increase in exports to $2.92 billion, supported by strong international demand.

India’s overall exports, including merchandise and services, also witnessed substantial growth, rising nearly 30 per cent year-on-year to $89.99 billion in October. Merchandise exports accounted for $49.47 billion, while services exports contributed $40.51 billion.

The country’s combined exports stood at $69.27 billion during October 2025. Meanwhile, the overall trade deficit narrowed to $20.09 billion from $25.15 billion in the corresponding month last year.

However, the merchandise trade deficit widened to $39.88 billion in October, compared with $30.21 billion in September and $33 billion in October 2025. The increase was primarily driven by a higher import bill resulting from rising crude oil prices amid the ongoing Middle East conflict.

India, the world’s third-largest oil consumer, imports more than 85 per cent of its crude oil requirements.

Union Commerce and Industry Minister Piyush Goyal has expressed confidence that India remains on track to achieve its ambitious $1 trillion export target this year.