India’s trade deficit widened sharply to USD 41.68 billion in October 2025, up from USD 26.23 billion a year earlier and far exceeding market expectations of USD 29.4 billion, according to preliminary estimates. This marks the largest monthly trade gap on record, as imports jumped 16.6% to an all-time high of USD 76.06 billion, fueled largely by a surge in precious metal purchases. Gold imports alone soared to USD 14.72 billion, nearly tripling from USD 4.92 billion in October last year, while silver shipments also contributed to the spike. Meanwhile, exports declined 11.8% to USD 34.38 billion, reflecting broader global headwinds. Notably, shipments to the United States fell to USD 6.3 billion, down from USD 6.9 billion a year earlier, amid the impact of US tariff measures. For the April–October 2025–26 period, imports grew 6.4% to USD 451.08 billion, while exports inched up 0.6% to USD 254.25 billion.