India's merchandise exports have shown notable resilience in the face of global economic uncertainties and geopolitical disruptions, according to a government statement released on Friday. Despite softened demand in certain international markets, the country's export sectors continue to display strength and diversification.
Trade Performance: A Mixed Picture
Official data from the Ministry of Commerce and Industry reveals that India's total exports for the April-October period of the 2025 fiscal year are estimated at $491.80 billion. This marks a growth of 4.84% compared to the same seven-month stretch in the previous year. On the import front, the value reached $569.95 billion, registering a 5.74% increase year-on-year.
Minister of State for Commerce and Industry, Jitin Prasada, addressed recent concerns, stating, "There is, as of yet, no conclusive evidence that the export trends are attributable specifically to any tariff-related action." He emphasized the underlying robustness of India's export portfolio.
Monthly and Cumulative Merchandise Trade Details
A closer look at the merchandise trade data presents a more nuanced picture. In October 2025 alone, merchandise exports stood at $34.38 billion, a decline from the $38.98 billion recorded in October 2024. Conversely, merchandise imports for the month rose significantly to $76.06 billion from $65.21 billion.
For the cumulative April-October 2025 period, merchandise exports were valued at $254.25 billion, slightly higher than the $252.66 billion of the previous year. Merchandise imports, however, climbed to $451.08 billion from $424.06 billion. This dynamic has resulted in a widening merchandise trade deficit, which now stands at $196.82 billion for the period, compared to $171.40 billion in April-October 2024.
Core Exports (Excluding Petroleum and Gems & Jewellery)
Analyzing the core sectors provides further insight. Excluding petroleum and gems & jewellery, exports for October 2025 were $28.14 billion, down from $31.32 billion in the same month last year. Imports in this same category, which includes items like gold, silver, and precious metals, increased to $42.78 billion from $39.58 billion.
On a cumulative basis for April-October 2025, non-petroleum and non-gems & jewellery exports reached $203.40 billion, showing growth from $194.41 billion a year earlier. Imports in this segment were valued at $286.28 billion, up from $264.56 billion previously.
Key Import Sources Show Varied Growth
The data also highlights shifting import patterns and key trading partners. In October 2025, the largest month-on-month increases in imports originated from:
- Switzerland (403.67%)
- Hong Kong (93.98%)
- China (15.63%)
- The United Kingdom (194.41%)
- The United Arab Emirates (14.38%)
For the broader April-October 2025 period, the top sources of import growth included:
- China (11.88%)
- The UAE (13.43%)
- Hong Kong (31.38%)
- Ireland (169.44%)
- The USA (9.73%)
The overall figures underscore the complex challenges and opportunities within India's trade ecosystem. While export growth remains positive on a cumulative basis, the rising import bill and the consequent widening trade deficit will be key areas for policymakers to monitor in the coming months, especially amidst a volatile global economic landscape.
