India’s trade deficit widened to $10.38bn in January, mainly due to higher gold and silver imports.
Commerce Secretary Rajesh Agarwal noted that both exports and imports saw growth during the month.
Merchandise exports reached $36.56bn while imports hit $71.24bn; services exports and imports rose to $43.9bn and $19.6bn, respectively.
India's Trade Deficit Widens to $10Bn in January Driven By High Gold, Silver Imports
In January, India’s merchandise exports stood at $36.56bn, while imports grew to $71.24bn. On the services side, exports and imports rose to $43.9bn and $19.6bn, respectively
Freepik
Summary
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India’s overall trade deficit widened to $10.38bn year-on-year in January, driven by a spike in gold and silver imports, trade data released on Monday showed.
Commerce Secretary Rajesh Agarwal said that both India’s exports and imports registered growth during the period.
In January, India’s merchandise exports stood at $36.56bn, while imports grew to $71.24bn. On the services side, exports and imports rose to $43.9bn and $19.6bn, respectively.
Overall exports between April 2025 and January 2026 grew 6.15%, rising to $720.76bn compared with $679.02bn during the same period a year earlier.
The US remained India’s top export destination in the last 10 months, with exports climbing to $72.46bn as compared to $68.46bn a year ago.
Meanwhile, gold imports registered 1.83% growth between the April–January period in value terms. Likewise, silver imports increased by 128.95%, reflecting the combined impact of higher prices and volumes.
(This is a developing story. Please refresh for more updates...)
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