Page 18 - Policy Economic Report - November 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

India’s external position

India’s forex reserves

• India’s foreign exchange reserves recorded a strong rise for the week ended 14 November,
increasing by USD 5.543 billion to reach USD 692.576 billion, according to the Reserve Bank of India
(RBI)

• The surge in the country’s reserves this week was driven largely by a steep jump in the value of
gold holdings. Gold reserves rose by USD 5.327 billion.

• Foreign currency assets (FCAs), the largest component of India’s reserves, saw a modest rise of
USD 152 million.

• Two smaller components of the reserves also saw slight gains:
o Special Drawing Rights (SDRs): Up by USD 56 million to USD 18.65 billion.
o Reserve position in the IMF: Higher by USD 8 million, reaching USD 4.779 billion.

India’s foreign trade position
• India’s total exports (Merchandise and Services combined) for October 2025 is estimated at US$

72.89 Billion, registering a negative growth of 0.68 percent vis-à-vis October 2024.

• Total imports (Merchandise and Services combined) for October 2025 are estimated at US$ 94.70
Billion, registering a growth of 14.87 percent vis-à-vis October 2024.

Table 1: Trade during October 2025.

Merchandise Exports October 2025 October 2024
(USD Billion) (USD Billion)
Imports
34.38 38.98
Services Exports 76.06 65.21
38.52 34.41
Imports 18.64 17.23
72.89 73.39
Total Trade Exports 94.70 82.44
-21.80 -9.05
(Merchandise + Services)

Imports

Trade Balance
Source- Ministry of Commerce & Industry

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