Overview
- Imports rose 16.63% year on year to $76.06 billion while exports fell 11.8% to $34.38 billion, with gold imports jumping to $14.72 billion and silver to about $2.7 billion.
- Shipments to the US slipped to roughly $6.3 billion in October as 50% tariffs weighed on textiles, gems and jewellery, and apparel, even as trade talks continue and the president signalled possible tariff relief.
- The government unveiled more than $5 billion in exporter support and approved the Export Promotion Mission, while officials said bullion demand should cool after the festival season.
- Services exports climbed to $38.52 billion, offering a buffer as analysts warned of pressure on the rupee and a larger current account deficit in the near term.
- Forecasts are being revised higher for FY26’s current account deficit, with Union Bank of India now estimating 1.7% of GDP and ICRA flagging a Q3 spike to around 2.4–2.5% of GDP; India also struck a one-year US LPG supply deal for 2026.