Merchandise trade deficit hits $34.68bn in January.
Gold, silver imports push overall deficit to $10.38bn.
Exports reach $36.56bn; services exports at $43.9bn.
April–January exports up 6.15% to $720.76bn.
India’s merchandise trade deficit reached a three-month high of $34.68bn in January, higher than $25.04bn registered in December, according to trade data released on Monday. Overall trade deficit widened to $10.38bn in January, against $5.39bn in the same period last year, driven by a spike in gold and silver imports.
Commerce Secretary Rajesh Agrawal said that both India’s exports and imports registered growth during the period. 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.
In December last year, the country's merchandise exports were at $38.51bn and imports stood at $63.55bn.
Overall estimated cumulative 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.
1 August 2026
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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.
January was the final month in which the 50% tariffs remained in place, after US President Donald Trump announced earlier this month that duties on Indian goods would be reduced to 18%.
Meanwhile, Darpan Jain, the chief negotiator for the India–US trade deal, will travel to Washington next week to finalise the legal text of interim agreement, Agrawal said.
