India’s Merchandise Exports Jump 45.06% in October; Growth Across 43 of Top 50 Markets Signals Wider Global Reach: FIEO

New Delhi, November 13, 2026: India’s merchandise exports surged 45.06% to US$49.47 billion in October 2026, with shipments expanding across 43 of the country’s top 50 export destinations, underscoring strong momentum and widespread market gains. Overall exports, comprising merchandise and services, are estimated at US$89.99 billion, up 29.90%, according to data released by the Ministry of Commerce and Industry.
Welcoming the performance, S C Ralhan, President, Federation of Indian Export Organisations (FIEO), said: “October’s performance is encouraging both for the pace of growth and its geographical spread. Expansion across 43 of our top 50 markets reflects the resilience of Indian exporters and their ability to seize opportunities despite global trade uncertainties. The priority now is to translate this strong momentum into sustained export growth.”
Merchandise exports increased from US$34.11 billion in October 2025 and US$44.40 billion in September 2026. Growth was supported by engineering goods, petroleum products, electronics, chemicals, drugs and pharmaceuticals, gems and jewellery, textiles and apparel, rice, and plastics and linoleum.
Exports to the United States grew 39%, China 48% and Japan 45%, while shipments to the United Kingdom, Taiwan and Kenya rose by more than 50%. Spain recorded growth of 352%, while exports to Malaysia, Togo, Singapore and Egypt more than doubled. Shipments to West Asia also remained positive, increasing by 3.98%.
“The gains across established and emerging markets underline the importance of market diversification. Exporters must build on these opportunities through stronger buyer relationships, competitive products and greater utilisation of preferential access under India’s Free Trade Agreements,” Ralhan said.
Cumulative merchandise and services exports during April–October 2026–27 reached an estimated US$568.84 billion, registering 16.66% growth over US$487.59 billion in the corresponding period of the previous financial year.
“The sustained growth in the first seven months strengthens confidence in India’s export capabilities and provides encouraging momentum towards the US$1 trillion export aspiration. Maintaining this trajectory will require consistent competitiveness across manufacturing and services,” the FIEO President observed.
FIEO noted that the combined merchandise and services trade deficit narrowed to US$20.09 billion in October, from US$25.15 billion a year earlier. However, the merchandise trade deficit widened to US$39.88 billion, reflecting higher merchandise imports.
Ralhan emphasised that affordable export credit, lower transaction costs and efficient logistics would be critical to sustaining the momentum, particularly for MSME exporters.
“Continued government–industry collaboration, timely facilitation and effective utilisation of trade agreements can help turn October’s strong performance into durable gains in global market share,” he concluded.