India's merchandise exports in October fall 11.8% to $34 billion

India’s merchandise exports in October 2025 fell 11.8% to $34.38 billion against $38.98 billion in October 2024 because ofa high base effect, the US tariff barrier and a fall petroleum exports even as an import surge on the back of high gold and silver demand widened the trade deficit to a record $41.68 billion.

- Rajeev Jayaswal

India's merchandise imports were at $76.06 billion.

(AFP)

While gold imports jumped over 199% to $14.72 billion in October this year as compared to $4.92 billion in October last year, silver imports surged 529% to $2.72 billion in the month from $433 million in the same month last year, ostensibly because of festive demand, commerce ministry officials said.

The government has already restricted imports of certain silver jewellery until March 31, 2026 to check imports of silver in the name of unstudded jewellery from Thailand, misusing India’s free trade agreement (FTA) with the 10-nation bloc ~ the Association of South East Asian Nations (ASEAN). The restriction requires an importer to obtain a licence from the government. On Monday, the government also imposed import curbs on certain types of platinum jewellery till April next year for the same reason. India’s FTA with ASEAN allows duty-free imports of precious metals.

India’s merchandise imports during October 2025 were $76.06 billion compared with $65.21 billion a year ago, an about 17% jump. Surging imports with’a fall in exports saw the trade gap widening from $26.3 billion in October 2024 to $41.68 billion in October 2025.