Data Alert
Record imports push India trade deficit to 13-month high in Sept
This story was originally published at 16:52 IST on 15 October 2025
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--India Sept merchandise exports $36.38 bln vs $34.08 bln year ago
--India Sept merchandise imports $68.53 bln vs $58.74 bln year ago
--India Sept merchandise trade deficit $32.15 bln vs vs $24.66 bln year ago
--India Apr-Sept overall exports $413.30 bln vs $213.68 bln year ago
--Trade secy: India Apr-Sept merchandise exports $220 bln
--India Apr-Sept merchandise exports $220.12 bln vs $213.68 bln year ago
--India Apr-Sept merchandise imports $375.11 bln vs $358.85 bln year ago
--India Apr-Sept merchandise trade deficit $154.99 bln vs vs $145.17 bln year ago
--Govt: India Sept services trade exports $30.82 bln vs $32.60 bln year ago
--Govt: India Sept services trade imports $15.29 bln vs $16.54 bln year ago
--India Sept services trade surplus $15.53 bln vs $16.06 bln year ago
--India Apr-Sept non-oil imports $282.98 bln vs $265.80 bln year ago
--India Apr-Sept non-oil exports $189.49 bln vs $177.03 bln year ago
--India Apr-Sept exports to US $45.82 bln vs $40.42 bln year ago
--India Apr-Sept imports from China $62.89 bln vs $56.53 bln year ago
--India Apr-Sept oil imports $92.12 bln vs $93.05 bln year ago
--India Apr-Sept gold imports $26.51 bln vs $29.04 bln year ago
--India Apr-Sept petroleum product exports $30.63 bln vs $36.65 bln year ago
--India Apr-Sept engineering goods exports $59.36 bln vs $56.34 bln year ago
--India Apr-Sept electronic goods exports $22.20 bln vs $15.64 bln year ago
--Trade secy: Awaiting product-wise Sept export data to gauge US tariff hit
--Trade secy: India Sept gold imports $9.6 bln
--Trade secy: Sept imports high on spike in gold, silver, fertiliser imports
--Trade secy: India Sept crude oil imports $14 bln
NEW DELHI – India's merchandise trade deficit widened to a 13-month high in September because imports rose to an all-time high, according to data detailed by the commerce ministry Wednesday. Goods exports continued to rise in September on a year-on-year basis despite the imposition of 50% tariff by the US.
Merchandise exports rose 6.7% on year to $36.38 billion in September and imports rose 16.7% to $68.53 billion, the joint all-time high print. Imports were at $68.53 billion in August 2024 as well.
The goods trade deficit was $32.15 billion in September, up from $24.66 billion a year ago, and highest since August 2024. In August, India exported goods worth $35.10 billion and imported goods worth $61.59 billion. India's trade deficit in August was $26.49 billion.
India's merchandise exports rose to $220.12 billion during the first six months of 2025-26 (Apr-Mar) from $213.68 billion a year ago. India imported goods worth $375.11 billion in Apr-Sept, up from $358.85 billion in the same period last year. The trade deficit during Apr-Sept was $154.99 billion against $145.17 billion a year ago.
The government estimates services trade exports at $30.82 billion in September, down 5.5% on year, and services trade imports at $15.29 billion, down 7.6% on year. India recorded a services trade surplus of $15.53 billion last month, lower than a surplus of $16.06 billion in September 2024.
India's overall exports in Apr-Sept were $413.30 billion against $213.68 billion a year ago.
Merchandise imports surged to a record high in September because of higher imports of gold, silver, and fertilisers, Commerce Secretary Rajesh Agrawal said at a press conference. While item-wise data for September was not available immediately, Agarwal said gold imports rose to $9.6 billion last month from $5.4 billion in August.
India's oil import bill was $92.12 billion in the six months to September, a tad lower than $93.05 billion a year ago. In September, India imported crude oil worth $14 billion, the commerce secretary said. Non-oil imports increased to $282.98 billion in Apr-Sept from $265.80 billion a year ago. Gold imports during Apr-Sept fell to $26.51 billion from $29.04 billion a year ago.
China remained India's largest import source nation in the first half of FY26 while Russia slipped to the third spot, overtaken by the United Arab Emirates. Imports from China increased to $62.89 billion from $56.53 billion a year ago.
Imports from Russia decreased to $31.12 billion in Apr-Sept from $33.61 billion a year ago. Imports from UAE increased to $33.03 billion in the six months to September from $29.17 billion a year ago.
Non-oil exports increased to $189.49 billion in Apr-Sept from $177.03 billion a year ago. Petroleum product exports moderated to $30.63 billion in Apr-Sept from $36.65 billion a year ago.
Engineering goods exports rose to $59.36 billion in the six months to September from $56.34 billion a year ago. Electronic goods exports were $22.20 billion in Apr-Sept, up from $15.64 billion a year ago.
US remains the largest export destination for India despite the high tariffs imposed from August. India's exports to US rose to $45.82 billion in Apr-Sept from $40.42 billion a year ago. End
US$1 = INR 88.08
Reported by Krity Ambey and Shubham Rana
Edited by Akul Nishant Akhoury
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