India’s trade deficit surged to $27.14 billion in October, up from $20.78 billion in September, driven by higher imports of crude oil and gold during the festive season.
Merchandise exports rose to $39.2 billion, a yearly high, but imports climbed sharply to $66.34 billion. Services exports also grew to $34.02 billion, but combined trade still showed a $10.12 billion deficit. Key export sectors included engineering, petroleum, and pharmaceuticals, while crude oil, electronics, and gold led imports. Experts predict India’s total exports will cross $800 billion by FY25-end.