Data Alert
India's Jan trade deficit widens to $34.68 bln on higher gold, silver imports
This story was originally published at 18:00 IST on 16 February 2026
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--India Jan merchandise exports $36.56 bln vs $36.34 bln year ago
--India Jan merchandise imports $71.24 bln vs $59.77 bln year ago
--India Jan merchandise trade deficit $34.68 bln vs vs $23.43 bln year ago
--Govt: India Jan services trade exports $43.90 bln vs $34.75 bln year ago
--Govt: India Jan services trade imports $19.60 bln vs $16.71 bln year ago
--Govt: India Jan services trade surplus $24.30 bln vs $18.04 bln year ago
--India Apr-Jan merchandise, svcs exports $720.67 bln
--India Apr-Jan merchandise exports $366.63 bln vs $358.75 bln year ago
--India Apr-Jan merchandise imports $649.86 bln vs $606.13 bln year ago
--India Apr-Jan merchandise trade deficit $283.23 bln vs $247.38 bln year ago
--India Apr-Jan exports to US $72.46 bln vs $68.46 bln year ago
--India Apr-Jan imports from China $108.18 bln vs $95.05 bln year ago
--India Apr-Jan imports from Russia $47.84 bln vs $54.46 bln year ago
--India Jan exports to China $1.64 bln vs $1.05 bln year ago
--Govt: High import print for Jan due to gold, silver imports
--India Apr-Jan gold imports $61.46 bln vs $51.19 bln year ago
--India Apr-Jan oil imports $148.82 bln vs $154.88 bln year ago
--India Apr-Jan petroleum product exports $45.69 bln vs $52.77 bln year ago
--India Apr-Jan engineering goods exports $101.13 bln vs $96.76 bln year ago
--India Apr-Jan electronic goods exports $39.38 bln vs $30.21 bln year ago
MUMBAI/NEW DELHI – India's merchandise trade deficit widened in January on the back of higher gold and silver imports, according to data detailed by the commerce ministry Monday.
The trade deficit widened to $34.68 billion in January from $23.43 billion a year ago. Goods exports were largely unchanged on year at $36.56 billion, while imports jumped nearly 20% on year to $71.24 billion last month. Goods imports in January were the second highest of all time.
In December, India exported goods worth $38.51 billion and imported goods worth $63.55 billion, according to provisional data released on Jan. 15. The trade deficit was $25.04 billion in December.
India's merchandise exports during the first ten months of 2025-26 (Apr-Mar) rose to $366.63 billion from $358.75 billion a year ago. India imported goods worth $649.86 billion in Apr-Jan, up from $606.13 billion in the same period last year. Trade deficit during Apr-Jan was $283.23 billion, higher than $247.38 billion a year ago.
India's goods and services exports during Apr-Jan were $720.67 billion. Overall exports may be around $850 billion in FY26, Commerce Secretary Rajesh Agrawal said.
The government estimates services trade exports at $43.90 billion in January, up 26% on year. Services trade imports rose 17% on year to $19.60 billion last month. India recorded a services trade surplus of $24.30 billion in January, higher than a surplus of $18.04 billion a year ago.
India imported oil worth $148.82 billion during Apr-Jan, down from $154.88 billion a year ago. Gold imports increased to $61.46 billion in the 10 months to January from $51.19 billion a year ago.
China remained the biggest import source nation in Apr-Jan. India imported goods worth $108.18 billion from China in Apr-Jan, up from $95.05 billion a year ago.
Imports from Russia eased to $47.84 billion in Apr-Jan from $54.46 billion a year ago. Imports from the US, on the other hand, rose to $43.93 billion in Apr-Jan from $38.58 billion a year ago.
India exported engineering goods worth $101.13 billion in the 10 months to January, higher than $96.76 billion a year ago.
Exports of petroleum products fell to $45.69 billion in Apr-Jan from $52.77 billion in the corresponding period a year ago. Electronic goods exports rose to $39.38 billion in Apr-Jan from $30.21 billion a year ago.
The US remained the largest export destination for India with outbound shipments of $72.46 billion in Apr-Jan, higher than $68.46 billion a year ago. India exported goods worth $1.64 billion to China in January, higher than $1.05 billion a year ago, bringing the total exports to Beijing during Apr-Jan to $15.88 billion. End
US$1 = INR 90.65
Reported by Krity Ambey and Shubham Rana
Edited by Tanima Banerjee
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