Key facts
- The October deficit of $39.88 billion exceeded the $32.25 billion economists forecast in a Reuters poll.
- Merchandise exports rose to $49.47 billion in October from $44.40 billion in September, government data showed.
- Imports rose to $89.35 billion in October from $74.61 billion in September, the data showed.
- Trade Secretary Rajesh Agrawal said India recorded its highest-ever monthly goods exports in October 2026.
- India imports nearly 85% of its oil needs, and Brent crude futures were around $92 a barrel, Reuters reported.
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, November 13, 2026. Economists polled by Reuters had forecast a deficit of $32.25 billion, wider than September's $30.21 billion.
Merchandise exports rose to $49.47 billion in October from $44.40 billion in September, the government data showed, while imports rose to $89.35 billion from $74.61 billion. "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 import costs rise after persistent disruptions in the global energy market from the Middle East conflict, Reuters reported. The country imports nearly 85% of its oil needs. Brent crude futures have fallen to around $92 a barrel, which Reuters said offered some relief amid hopes the war will de-escalate after the Democrats won the US midterm elections.
Indian exports have also grown over the year on efforts to diversify markets and a series of new trade deals, Reuters reported. New Delhi has implemented trade deals with the UK and New Zealand in 2026, and an agreement with the European Union is expected to be implemented early next year, according to the report.