A sharp surge in electronic and petroleum products exports drove India’s goods exports to its highest level ever of $50 billion in October, while record high crude oil prices amid the Iran war also took imports to a five-year high of $90 billion, driving the goods trade deficit to $40 billion, the highest during the calendar year, according to data released Friday by the Ministry of Commerce and Industry.Goods exports rose 45% in October to $49.47 billion from $34.11 billion, while imports jumped 16% to $89.35 billion from $76.69 billion. This drove the trade gap to $39.88 billion, marginally lower than the goods trade gap of $42.58 billion in October last year. This comes as a combination of factors, including a weak rupee and lower US tariffs, has been helping exports log strong growth during the last two quarters.While high oil prices amid the Iran war dominated goods trade, India’s non-oil exports also surged, with non-oil, non-gems and jewellery exports up nearly 32% to $37.38 billion from $28.11 billion. The imports in the category also surged by 21% to $ 51.64 billion compared to $42.33 billion in October last year.With much lower tariffs compared to last year, goods exports to the US registered a steep jump of 39.3% to $8.72 billion compared to $6.26 billion in October last year. Meanwhile, imports from Russia and China also rose sharply by 74% and 46%, respectively.Commerce Secretary Rajesh Agrawal said the merchandise exports have registered a new peak. “This is the highest-ever monthly merchandise export value, along with the highest monthly growth of 45.06% in the last five years. The total exports are also estimated at $89.99 billion in October 2026, which is again the highest-ever monthly export value. We have not achieved $89.99 billion ever till now in any month. This is also the third-highest monthly growth rate of 29.90% in the last five years.”Agrawal said the encouraging part of the growth is that it is not confined to any particular sector or geography.Data showed petroleum goods purchases surged 54% to $22.81 billion, making up the highest category-wise imports. Electronic goods imports also surged by 49.95% to 14.31 billion in October this year compared to October 2025. Petroleum products exports, meanwhile, surged 140% to $8.89 billion and electronic goods exports surged 62% to $6.64 billion.Story continues below this adWhile oil and electronic goods imports rose, gold and silver imports slipped despite the festive season. Gold imports slipped 62% to $5.51 billion compared to $14.71 billion, and silver imports declined 28.26% to $1.91 billion in October this year against $2.71 billion in October 2025.India, the world’s third-largest oil consumer, has seen its import costs jump amid disruptions in the backdrop of the war in West Asia. New Delhi imports nearly 85 per cent of its oil needs. Brent crude futures have fallen to around $92 a barrel from around $115 a barrel in October.Federation of Indian Export Organisations (FIEO) President S C Ralhan said exports to the US grew 39%, China 48% and Japan 45%, while shipments to the UK, Taiwan and Kenya rose by more than 50%.“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.Story continues below this adPankaj Chadha, Chairman, Engineering Exports Promotion Council (EEPC), said engineering goods exports also jumped 36% in October and that the engineering goods sector has maintained consistent performance despite many odds.“The free trade pacts India has signed with many key trade partners have opened new avenues for growth. We see strong opportunities ahead as new FTAs are signed with the European Union and other trade blocs,” Chadha said.