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 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.
3 February 2026
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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.
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