India’s goods trade deficit widens to 13-month high of $32.15 billion in September

The commerce ministry detailed the trade-data figures for September on October 15

India’s merchandise trade deficit widened to a thirteenth-month high of $32.15 billion in September, up from $26.49 billion in August as imports surged, the commerce ministry said on October 15.

The trade deficit for goods stood at $24.66 billion in September 2024.

Merchandise exports in September rose 6.75 percent on-year to $36.38 billion, while imports jumped 16.7 percent to $68.53 billion.

The surge in imports comes amid US President Donald Trump's doubling of tariffs to 50 percent on several Indian goods in late August.

"Import increase in September 2025 has been higher than exports. Gold, silver, fertiliser and electronics have led to the import surge. Fertiliser imports have been higher this year so far due to better demand this year," Commerce Secretary Rajesh Agarwal said.

Gold imports witnessed one of the sharpest spikes, rising to $9.6 billion last month versus $5.4 billion in August, while oil imports stood at $14 billion in September higher than $13.2 billion the month before.

On the services side, exports are estimated at $30.82 billion in September 2025, down 5.5 percent on-year, whereas imports are seen at $15.29 billion, lower than $16.54 billion in the same month last year.

Therefore, the overall trade deficit for September 2025 is seen sharply wider on-year at $16.61 billion versus $8.60 billion in September 2024.

On a cumulative basis, during April-September, merchandise exports have grown 3.02 percent on-year, while imports rose 4.53 percent.

Therefore, the merchandise trade deficit during April-September 2025 was $154.98 billion as compared to $145.18 billion during April-September 2024.

"This has been a turbulent year for trade given developments across the world pertaining to supply chains and market access. But despite the turbulence during the first six months of FY26, total exports are higher than last year with $18 billion more than last year. Non-petroleum exports reached $189.49 billion during the first six months of FY26, highest ever for the period," Agarwal said.