Overview

• September merchandise exports rose 6.7% year on year to $36.38 billion, but imports climbed to $68.53 billion, widening the goods deficit to $32.15 billion.
• US-bound shipments fell to about $5.43–$5.46 billion in September, roughly 12% lower year on year and about 20% below August, the first full month under 50% US duties.
• Commerce Secretary Rajesh Agrawal said gold ($9.6 billion), silver, fertiliser and electronics led the import surge, with festival demand and price effects evident.
• Indian negotiators are in Washington seeking a “win-win” resolution on tariffs, with India proposing an additional $12–13 billion in US energy purchases subject to price.
• EU trade talks reported “significant convergence” in the October round, and officials voiced hopes of concluding an FTA around year-end to diversify market access.