The cumulative value of merchandise exports during April-October 2025 was US$ 254.25 Billion, as compared to US$ 252.66 Billion during April-October 2024, registering a positive growth of 0.63%

The cumulative Non-Petroleum exports in April-October 2025 valued at US$ 219.90 Billion registered an increase of 3.92% as compared to US$ 211.60 Billion in April-October 2024

Major drivers of merchandise exports growth in October 2025 include Electronic Goods, Meat, dairy & poultry products, Marine Products, Cashew and Coffee

Electronic Goods exports increased by 19.05 % from US$ 3.43 Billion in October 2024 to US$ 4.08 Billion in October 2025

Meat, dairy & poultry products exports increased by 30.87 % from US$ 0.45 Billion in October 2024 to US$ 0.58 Billion in October 2025

Marine Products exports increased by 11.08 % from US$ 0.81 Billion in October 2024 to US$ 0.90 Billion in October 2025

Cashew exports increased by 126.85 % from US$ 0.03 Billion in October 2024 to US$ 0.06 Billion in October 2025

Coffee exports increased by 10.91 % from US$ 0.12 Billion in October 2024 to US$ 0.13 Billion in October 2025

India’s total exports (Merchandise and Services combined) for October 2025* is estimated at US$ 72.89 Billion, registering a negative growth of (-) 0.68 percent vis-à-vis October 2024. Total imports (Merchandise and Services combined) for October 2025* is estimated at US$ 94.70 Billion, registering a positive growth of 14.87 percent vis-à-vis October 2024.

Table 1: Trade during October 2025*

		October 2025 (US$ Billion)	October 2024 (US$ Billion)
Merchandise	Exports	34.38	38.98
	Imports	76.06	65.21
Services*	Exports	38.52	34.41
	Imports	18.64	17.23
Total Trade (Merchandise +Services) *	Exports	72.89	73.39
	Imports	94.70	82.44
	Trade Balance	-21.80	-9.05

* Note: The latest data for services sector released by RBI is for September 2025. The data for October 2025 is an estimation. (ii) Data for April-October 2024 and April-June 2025 has been revised on pro-rata basis using quarterly balance of payments data.

Fig 1: Total Trade during October 2025*

India’s total exports during April-October 2025* is estimated at US$ 491.80 Billion registering a positive growth of 4.84 percent. Total imports during April-October 2025* is estimated at US$ 569.95 Billion registering a growth of 5.74 percent.

Table 2: Trade during April-October 2025*

		April-October 2025 (US$ Billion)	April-October 2024 (US$ Billion)
Merchandise	Exports	254.25	252.66
	Imports	451.08	424.06
Services*	Exports	237.55	216.45
	Imports	118.87	114.96
Total Trade (Merchandise +Services) *	Exports	491.80	469.11
	Imports	569.95	539.02
	Trade Balance	-78.14	-69.92

 

Fig 2: Total Trade during April-October 2025*

           

MERCHANDISE TRADE

• Merchandise exports during October 2025 were US$ 34.38 Billion as compared to US$ 38.98 Billion in October 2024.
• Merchandise imports during October 2025 were US$ 76.06 Billion as compared to US$ 65.21 Billion in October 2024.

Fig 3: Merchandise Trade during October 2025

• Merchandise exports during April-October 2025 were US$ 254.25 Billion as compared to US$ 252.66 Billion during April-October 2024.
• Merchandise imports during April-October 2025 were US$ 451.08 Billion as compared to US$ 424.06 Billion during April-October 2024.
• Merchandise trade deficit during April-October 2025 was US$ 196.82 Billion as compared to US$ 171.40 Billion during April-October 2024.

Fig 4: Merchandise Trade during April-October 2025

• Non-petroleum and non-gems & jewellery exports in October 2025 were US$ 28.14 Billion compared to US$ 31.32 Billion in October 2024.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in October 2025 were US$ 42.78 Billion compared to US$ 39.58 Billion in October 2024.

Table 3: Trade excluding Petroleum and Gems & Jewellery during October 2025

	October 2025 (US$ Billion)	October 2024 (US$ Billion)
Non- petroleum exports	30.43	34.57
Non- petroleum imports	61.27	46.33
Non-petroleum & Non-Gems & Jewellery exports	28.14	31.32
Non-petroleum & Non-Gems & Jewellery imports	42.78	39.58

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 5: Trade excluding Petroleum and Gems & Jewellery during October 2025

 

• Non-petroleum and non-gems & jewellery exports in April-October 2025 were US$ 203.40 Billion, compared to US$ 194.41 Billion in April-October 2024.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-October 2025 were US$ 286.28 Billion, compared to US$ 264.56 Billion in April-October 2024.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-October 2025

	April-October 2025 (US$ Billion)	April-October 2024 (US$ Billion)
Non- petroleum exports	219.90	211.60
Non- petroleum imports	344.17	312.13
Non-petroleum & Non Gems & Jewellery exports	203.40	194.41
Non-petroleum & Non Gems & Jewellery imports	286.28	264.56

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-October 2025

SERVICES TRADE

• The estimated value of services export for October 2025* is US$ 38.52 Billion as compared to US$ 34.41 Billion in October 2024.
• The estimated value of services imports for October 2025* is US$ 18.64 Billion as compared to US$ 17.23 Billion in October 2024.

Fig 7: Services Trade during October 2025*

  

• The estimated value of service exports during April-October 2025* is US$ 237.55 Billion as compared to US$ 216.45 Billion in April-October 2024.
• The estimated value of service imports during April-October 2025* is US$ 118.87 Billion as compared to US$ 114.96 Billion in April-October 2024.
• The services trade surplus for April-October 2025* is US$ 118.68 Billion as compared to US$ 101.49 Billion in April-October 2024.

Fig 8: Services Trade during April-October 2025*

• Exports of Cashew (126.85%), Meat, Dairy & Poultry Products (30.87%), Electronic Goods (19.05%), Other Cereals (14.71%), Marine Products (11.08%) and Coffee (10.91%) record positive growth during October 2025 over the corresponding month of last year.
• Imports of Pearls, Precious & Semi-Precious Stones (-25.35%), Petroleum, Crude & Products (-21.65%), Pulp And Waste Paper (-21.34%), Iron & Steel (-19.32%), Newsprint (-18.28%), Pulses (-16.42%), Coal, Coke & Briquettes, Etc. (-4.21%), Artificial Resins, Plastic Materials, Etc. (-3.55%), Wood &  Wood Products (-2.42%), Textile Yarn Fabric, Made-Up Articles (-1.17%) and Organic & Inorganic Chemicals (-0.11%) record negative growth during October 2025 over the corresponding month of last year.
• Services exports is estimated to grow by 9.75 percent during April-October 2025* over April-October 2024.
• Top 5 export destinations, in terms of change in value, exhibiting positive growth in October 2025 vis a vis October 2024 are China P Rp (42.35%), Spain (43.43%), Sri Lanka Dsr (29.02%), Vietnam Soc Rep (21.42%) and Tanzania Rep (17.92%).
• Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-October 2025 vis a vis April-October 2024 are U S A (10.15%), China P Rp (24.77%), U Arab Emts (5.88%), Spain (40.74%) and Hong Kong (20.7%).
• Top 5 import sources, in terms of change in value, exhibiting growth in October 2025 vis a vis October 2024 are Switzerland (403.67%), Hong Kong (93.98%), China P Rp (15.63%), U K (194.41%) and U Arab Emts (14.38%).
• Top 5 import sources, in terms of change in value, exhibiting growth in April-October 2025 vis a vis April-October 2024 are China P Rp (11.88%), U Arab Emts (13.43%), Hong Kong (31.38%), Ireland (169.44%) and U S A (9.73%).

Trade balance deteriorates as imports outpace exports, driven by rising merchandise imports and stronger services exports. Estimated April-October 2025 trade shows total exports at US$ 491.80 billion and total imports at US$ 569.95 billion, producing a widened negative trade balance. Merchandise exports grew marginally while merchandise imports rose more strongly, increasing the merchandise trade deficit. Services exports recorded stronger estimated growth and expanded the services surplus. October 2025 monthly estimates show lower merchandise exports but higher merchandise and services imports versus October 2024. Certain series have been revised pro rata using quarterly balance of payments data and October services figures are provisional estimates.