New Delhi, Nov 17: India’s exports contracted 11.8 per cent to USD 34.38 billion in October on account of the impact of high tariffs by the US, while the trade deficit widened to a record high of USD 41.68 billion, mainly due to a jump in gold imports.
According to government data released on Monday, the country’s imports jumped 16.63 per cent to an all-time high of USD 76.06 billion due to high inbound shipments of the yellow metal, silver, cotton raw/waste, fertiliser, and sulphur.
In September, the trade gap widened to USD 31.15 billion, the highest in over a year.
While gold imports rose about 200 per cent to USD 14.72 billion, silver rose 528.71 per cent to USD 2.71 billion during October.
Crude oil imports dipped to USD 14.8 billion in October from USD 18.9 billion in the same month last year.
During April-October this fiscal year, exports increased marginally by 0.63 per cent to USD 254.25 billion, and imports rose 6.37 per cent to USD 451.08 billion.
Merchandise trade deficit during April-October 2025 was USD 196.82 billion as compared to USD 171.40 billion in the same period during April-October 2024.
Key segments such as engineering goods, petroleum products, gems and jewellery, apparel and textiles, organic and inorganic chemicals, pharmaceuticals, and plastic goods witnessed noticeable contraction, weighing down the overall export performance.
Handicrafts, carpet, leather, iron ore, tea, rice, tobacco, spices and oil meals, too, recorded negative growth in exports in October.
Petroleum product shipments dipped 10.5 per cent to about USD 4 billion, while engineering goods shipments fell 16.71 per cent to USD 9.37 billion.
The US has imposed hefty 50 per cent tariffs on Indian goods, which are impacting the country’s exports. (PTI)
