FX.co ★ India Posts Record Trade Deficit in October

India experienced a significant widening of its trade deficit in October 2025, reaching USD 41.68 billion, compared to USD 26.23 billion in the same month the previous year, and far exceeding the anticipated market figure of USD 29.4 billion, based on preliminary estimates. This represents the largest monthly trade gap ever recorded. The substantial increase in imports, which rose by 16.6% to a record high of USD 76.06 billion, was largely driven by a spike in the purchase of precious metals. Gold imports alone surged to USD 14.72 billion, nearly three times the amount of USD 4.92 billion recorded in October of the previous year, with silver also contributing to the increase. On the export side, there was an 11.8% contraction, bringing the total to USD 34.38 billion, which underscores the impact of challenging global conditions. Exports to the United States specifically dropped to USD 6.3 billion from USD 6.9 billion the year before, affected by US tariff policies. From April to October 2025, the import total increased by 6.4%, reaching USD 451.08 billion, while exports modestly rose by 0.6% to USD 254.25 billion.