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India’s merchandise trade deficit rose to a one-year high of $39.88 billion in October, according to a Reuters calculation based on government export and import data released on Friday.
Economists had forecast the deficit to be $32.25 billion, according to a Reuters poll, compared with a deficit of $30.21 billion in September.
Merchandise exports rose to $49.47 billion in October from $44.40 billion in the previous month, government data showed, while imports rose to $89.35 billion against $74.61 billion in September.
“India recorded its highest-ever monthly goods exports in October 2026,” Trade Secretary Rajesh Agrawal said while releasing the trade figures.
India, the world’s third-largest oil consumer, has seen its import costs spike after persistent disruptions in the global energy market from the West Asia conflict. The nation imports nearly 85% of its oil needs.
Brent crude futures have fallen to around $92 a barrel, offering some relief to Asia’s third-largest economy amid hopes the war will de-escalate after the Democrats won the US midterm elections.
Indian exports have also grown steadily over the year on efforts to diversify markets and a flurry of new trade deals. New Delhi has implemented trade deals with the UK and New Zealand this year, and a landmark agreement with the European Union is expected to be implemented early next year.
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