India’s Goods Trade Deficit Hits One-Year High in October

India’s merchandise trade deficit widened to $39.88 billion in October, its highest level in a year, as imports grew faster than goods exports. At the same time, exports of goods and services reached a reported monthly record of $89.99 billion, according to government figures released Friday.

Merchandise exports rose 45.06% from October 2025 to $49.47 billion, while merchandise imports climbed to $89.35 billion from $76.69 billion a year earlier. The goods deficit was up from $30.21 billion in September. The increase in imports outweighed the rise in exports, even as shipments of goods set a monthly record.

Including services, total imports were estimated at $110.07 billion, compared with $94.42 billion a year earlier. Total exports rose 29.9% from $69.27 billion in October 2025. Services exports were estimated at $40.51 billion and services imports at $20.72 billion, leaving a services surplus that helped reduce the overall trade deficit to about $20.09 billion. That was below the $25.15 billion overall deficit reported for October 2025.

Commerce Secretary Rajesh Agrawal said 43 of India’s 50 top export destinations recorded positive growth in October compared with the same...