Overview

• India’s merchandise trade deficit widened to $32.15 billion in September, above economists’ expectations, according to Commerce Ministry data.
• Merchandise exports rose 6.7% year on year to $36.38 billion while imports jumped to $68.53 billion, led by surges in gold ($9.6 billion), oil ($14 billion), fertiliser and electronics.
• Commerce Secretary Rajesh Agarwal is heading to Washington as Indian officials hold intensive talks described by both sides as seeking a “win‑win solution.”
• Officials say India can lift energy purchases from the US by roughly $14–15 billion from the current $12–13 billion range, a step aimed at narrowing imbalances and easing tariff tensions.
• Government sources say about 45% of India’s exports to the US fall outside the new tariffs, even as a CITI survey reports order cancellations, inventory build‑ups and discounting in textiles.