New Delhi, Nov 13 — India’s merchandise exports rose to a record $49.47 billion in October this year, which represents a robust 11.4 per cent growth over the corresponding figure of $44.40 billion registered in September, despite the uncertainties in global markets, according to official figures released by the Ministry of Commerce and Industry on Friday.
“India recorded its highest-ever monthly goods exports in October 2026,” Trade Secretary Rajesh Agrawal said while releasing the trade figures.
The gems and jewellery sector clocked a 34 per cent increase in exports to $2.92 billion driven by buoyant demand.
India's total exports, including merchandise and services, surged by nearly 30 per cent year-on-year to reach $89.99 billion in October 2026, according to the official figures.
Driven by a record merchandise export of $49.47 billion and $40.51 billion in services, the overall trade deficit narrowed to $20.09 billion.
The country’s exports, including merchandise and services, stood at $69.27 billion in the same month last year. India’s trade deficit in October 2025 stood at $25.15 billion.
However, India’s merchandise trade deficit widened to $39.88 billion in October due to the sharp rise in the import bill caused by soaring prices of crude oil amid the Middle East conflict.
The deficit increased from $30.21 billion in September and was higher than the $33 billion recorded in October 2025.
India, the world’s third-largest oil consumer, imports over 85 per cent of its oil requirements. Rising crude prices and increased shipping costs have led to the surge in the import bill.
In September, merchandise exports grew 23.05 per cent year-on-year to $44.40 billion, while imports increased 8.01 per cent to $74.61 billion. The monthly trade deficit had widened from $26.86 billion in August but remained below the $33 billion recorded in September 2025.
Union Minister for Commerce and Industry Piyush Goyal has expressed confidence that India is on track to achieve its export target of one trillion dollars this year.
Goyal said India had already achieved exports worth approximately 480 billion dollars in the first six months of the financial year, accounting for 48 per cent of the annual target. He said exports generally gain momentum in the second half of the year and expressed confidence in India’s overall export performance.