India's exports surged to a record high in October, with total overseas shipments rising 29.9 per cent year-on-year to $89.99 billion, according to quick estimates released by the Ministry of Commerce and Industry on Friday.

The figure — covering merchandise and services — is the highest monthly export value India has ever recorded, up from $69.27 billion in October 2025. Commerce Secretary Rajesh Agrawal told a virtual media briefing that goods exports alone hit an all-time monthly peak of $49.47 billion, a 45.06 per cent jump from $34.11 billion a year earlier and the fastest monthly merchandise growth in five years.

Goods lead the surge

The record was driven by petroleum products, electronic goods, engineering products, gems and jewellery, and chemicals. K. Rangarajan, Vice-Chancellor of the Indian Institute of Foreign Trade, said the growth was driven largely by non-oil shipments, particularly electronic goods and mobile phones, putting India on course to cross the $1 trillion annual exports milestone sooner than expected.

Services exports were estimated at $40.51 billion for the month, up from $35.17 billion a year earlier. The ministry cautioned that the October services figures are estimates, as the latest actual data from the Reserve Bank of India relates to September and the numbers may be revised.

The geographical spread was broad: the Federation of Indian Export Organisations said shipments expanded across 43 of India's top 50 export destinations in October. Exports to the United States grew 39 per cent, to China 48 per cent and to Japan 45 per cent. FIEO president S. C. Ralhan called the performance encouraging and said the priority now is to turn the momentum into sustained growth.

A record with caveats

The headline number comes with qualifications. Mr. Rangarajan noted that a weaker rupee, higher petroleum exports and a favourable base effect also contributed to the surge, and the strong month did not erase the wider trade gap. The overall trade deficit narrowed to $20.09 billion in October from $25.15 billion a year earlier, but the goods deficit alone climbed to $39.88 billion — its highest level in a year, according to a Reuters calculation — as imports rose sharply too.

Cumulatively, total exports during April–October 2026-27 reached an estimated $568.84 billion, up 16.66 per cent from $487.59 billion in the same period last year. The cumulative trade deficit, however, widened to $93.35 billion from $83.25 billion.

The coming months will show whether October's record was a one-off spike or the start of a durable run. For now, exporters and policymakers alike will take encouragement from a month in which Indian goods found buyers almost everywhere — even as the import bill reminds them that the trade balance remains a work in progress.