Overview
- Official data show October merchandise exports fell 11.8% to $34.38 billion and the trade deficit hit a record $41.68 billion, driven by a near-200% surge in gold imports.
- Shipments to the US declined 8.6% year-on-year to $6.3 billion in October after steep duties took effect, a smaller drop than September, with negotiators saying they are ready to wait for better terms.
- People familiar with the talks expect Washington to move toward a roughly 15% consolidated duty, while India is prepared to lower tariffs on over 80% of goods and ring‑fence sensitive sectors such as agriculture.
- Diversification is cushioning the shock as exports to China rose 24.7% to $10.03 billion in April–October with seven straight monthly gains, and SBI Research reports overall merchandise exports up 2.9% in April–September.
- New Delhi has cleared Rs 45,060 crore in exporter support, including Rs 20,000 crore in credit guarantees, as firms cut prices and stretch delivery terms to retain buyers in pressured sectors like textiles and gems and jewellery.