India's total exports of goods and services rose a robust 29.9 per cent year-on-year in October 2026 to reach $89.99 billion, driven by a historic surge in merchandise shipments, according to data released by the Commerce Ministry on 13 November 2026. The figure marks India's highest-ever monthly goods export tally, even as global economic uncertainty and Middle East-driven shipping disruptions persisted.

Record Merchandise and Services Numbers

Merchandise exports hit an all-time monthly high of $49.47 billion in October, while services exports contributed $40.51 billion to the overall total. Together, they pushed the combined export figure past the $89 billion threshold for the first time. The overall trade deficit — the gap between total imports and exports — narrowed to $20.09 billion for the month.

Commerce Secretary Rajesh Agrawal confirmed the milestone: 'India has recorded its highest-ever monthly goods exports in October 2026.'

Key Drivers Behind the Export Surge

Petroleum products led the merchandise charge, surging 140.21 per cent year-on-year to $8.89 billion from $3.7 billion in October 2025. Electronic goods posted a 62.7 per cent jump to $6.64 billion, up from $4.08 billion a year earlier — reflecting sustained global demand and India's growing electronics manufacturing base.

Engineering goods registered strong growth of 36.01 per cent, scaling the $12.74 billion mark against $9.37 billion in the corresponding month last year. Gems and jewellery exports climbed 40.06 per cent to $3.21 billion, while organic and inorganic chemicals rose 36.2 per cent to $2.89 billion.

Import Picture and Trade Deficit

Total imports of merchandise and services in October are estimated at $110.07 billion, registering a growth of 16.58 per cent over the same month last year. While the import bill remains elevated, the faster pace of export growth has helped contain the trade deficit. Notably, export growth outpaced import growth by more than 13 percentage points during the month.

April–October Cumulative Performance

Merchandise exports for the first seven months of financial year 2026-27 (April–October) have crossed $309 billion, compared with $253.4 billion in the same period of the previous financial year — a year-on-year rise of 21.96 per cent. Total goods and services exports during April–October 2026-27 are estimated at $568.84 billion, up 16.66 per cent, while total imports for the period stand at $662.19 billion, which is 16 per cent higher than the year-ago period.

Context and What's Next

The surge comes despite well-documented headwinds — the continuing Middle East conflict has disrupted global shipping lanes, and several major trading partners are grappling with economic slowdowns. The fact that India's exporters delivered a record month under these conditions is being read by trade analysts as a signal of structural competitiveness gains, particularly in electronics and petroleum refining. The momentum in the April–October window will now set expectations for year-end trade targets. If the trajectory holds, India's full-year export performance for FY 2026-27 could comfortably surpass prior records.