Overview

• Official data show merchandise exports rose 6.7% year-on-year to $36.38 billion, while imports climbed to $68.53 billion, widening the deficit to a 13‑month high of $32.15 billion.
• The import surge was led by gold ($9.6 billion), fertiliser, silver and electronics, with oil purchases at about $14 billion and seasonal demand cited as a driver.
• Exports to the United States fell to roughly $5.4 billion in September, the first full month under 50% US tariffs, reflecting a steep month-on-month decline and an 11.9% drop from a year earlier.
• Indian negotiators are in Washington and Commerce Secretary Rajesh Agrawal is joining talks, with officials seeking a “win‑win” solution and assessing commodity‑wise tariff impacts; about 45% of US‑bound exports are outside the new tariff coverage.
• Government estimates put services exports at $30.82 billion and services imports at $15.29 billion in September, yielding a $15.53 billion services surplus that partly offsets the goods gap.