Overview

• Official data show merchandise exports at $35.1 billion, up 6.7% year on year, with imports down 10.12% to $61.59 billion, narrowing the goods trade deficit to $26.49 billion.
• Combined goods and services exports reached $69.16 billion, while the overall trade gap narrowed to $9.88 billion on the back of a strong services surplus.
• Exports to the United States fell sequentially to about $6.86 billion in August from $8.0 billion in July, a drop flagged by GTRI as the steepest monthly decline of 2025 as duties escalated to 50%.
• Gold imports plunged 56.67% to $5.43 billion, easing the import bill, as electronics, engineering goods, pharmaceuticals, petroleum products, and gems and jewellery led export growth.
• Think‑tanks warn of larger losses if elevated U.S. duties persist, with GTRI estimating a potential $30–35 billion hit through FY2026, even as officials pursue talks and Crisil judges the current account gap manageable.