Indian economy got a double boost on Friday, with “highest-ever” monthly exports worth $89.99 billion and forex reserves increasing by $2.49 billion to $719.547 billion, indicating robust growth despite global headwinds.
With a healthy jump in exports, the trade deficit also narrowed to $20.09 billion, Commerce Secretary Rajesh Aggarwal said. India’s overall shipments, including merchandise and services, jumped 29.9 per cent to record the country’s "highest ever" monthly export value of $89.99 billion in October, he said.
The country’s exports — including merchandise and services — stood at $69.27 billion in the same month last year. India’s trade deficit in October 2025 stood at $25.15 billion.
India’s imports rose to $110.07 billion in October, from 94.42 billion in the same month last year.
During October, merchandise exports rose to $49.47 billion from $34.11 billion in the corresponding month of last year, the data showed. Meanwhile, services exports also grew to $40.51 billion, from $35.17 billion in October 2025.
Addressing a media briefing virtually, the commerce secretary said, "In the month of October, the merchandise exports have registered a new peak of $49.47 billion. This is highest-ever monthly merchandise export value, along with highest monthly growth of 45.06 per cent in last five years."
He further stated, "The total exports are also estimated at $89.99 billion in October 2026, which is again highest-ever monthly export value. We have not achieved $89.99 billion ever till now in any month. This is also with the third-highest monthly growth rate of 29.90 per cent in last five years."
The commerce secretary shared that the encouraging part of the growth is that it is not confined to any particular sector or geography. It is broad-based across countries and regions.
He added, "43 of our 50 export destinations, top export destinations, posted positive growth in October 2026 as compared to 2025."
Meanwhile, forex reserves increased by $2.49 billion to $719.547 billion during the week ended November 6, according to the Reserve Bank of India (RBI)data released on Friday. In the previous week, the forex reserves had dropped by $2.691 billion to $717.056 billion.
The reserves had touched an all-time high of $785.706 billion during the week ended September 4, driven by a heavy flow of currency as part of a special concessional swap for deposits from the diaspora through which banks raised a record $133 billion, but had been on a decline ever since.
During the week ended November 6, foreign currency assets, a major component of reserves, increased by $232 million to $591.350 billion, according to the data released by the Reserve Bank of India (RBI).
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in foreign exchange reserves. The value of gold reserves increased sharply by $2.205 billion to $104.796 billion during the week, RBI said.
The Special Drawing Rights (SDRs) were up by $52 million to $18.610 billion, the central bank said. India’s reserve position with the IMF was up by $1 million to $4.791 billion, the RBI said.