Overview

• Official data show merchandise exports up 6.7% year-on-year to $36.38 billion in September, while imports rose to $68.53 billion, widening the goods gap to $32.15 billion.
• Shipments to the United States fell 11.93% to $5.46 billion in the first full month under the 50% U.S. tariffs that took effect on August 27.
• Industry surveys report order cancellations, inventory build-ups and discounting in labour‑intensive sectors such as textiles and apparel following the tariff hikes.
• An Indian negotiating team is in Washington for intensive talks that are not a formal round due to the U.S. government shutdown, with both sides seeking a 'win‑win' pathway and a first‑tranche deal targeted in the coming weeks.
• Commerce officials attribute the import surge to higher purchases of gold, silver and fertilisers, with gold alone rising to $9.6 billion in September.