India's trade gap widens sharply in October 2025

Business Nov 23, 2025

India's trade deficit jumped to $21.8 billion this October—more than double last year's number.
The main reason? Imports shot up, while exports, especially goods like leather and gems, took a hit.
Total exports slipped by 0.7%, with merchandise exports dropping nearly 12%.

Gold rush drives imports; services shine

Imports rose 15% to $94.7 billion, thanks in large part to a huge spike in gold (up 200%) and silver (up 530%) brought on by festive demand.
While US tariffs hurt some export sectors, India's services exports actually grew by almost 12%, helping soften the blow.
Exporters and the government are pursuing new markets and trade deals to handle these challenges going forward.