India’s trade deficit hits record $41.68 billion in October as exports fall and gold imports surge

India’s trade deficit widened to a record $41.68 billion in October 2025 as exports contracted 11.8 per cent (year-on-year) to $34.48 billion during the month, hit by US tariffs.

Imports rose 16.63 per cent to $76.06 billion in October 2025, primarily due to gold imports surging 199.22 per cent to $14.72 billion, per quick estimates shared by the Commerce Department on Monday.

Exports to the US declined for the second consecutive month, falling 8.7 per cent to $ 6.3 billion in October 2025, as the impact of the 50 per cent US tariffs imposed in August kicked in.

Global demand weakens

India’s exports to other major destinations, too, declined, including to the UAE, the UK, the Netherlands, Germany and Bangladesh, amidst continued global turmoil. The only exception was China, India’s fou