India trade deficit widens to 34.68 billion dollars in January as gold imports surge
India's trade deficit hit 34.68 billion dollars in January as gold imports rose and US tariffs weighed on exports. New trade deals offer hope for relief.
India 
IN reported a widening of its merchandise trade deficit to $34.68 billion in January, according to data from the Government of India released on February 16, 2026. This figure significantly exceeded the $26 billion deficit expected by economists in a Reuters poll and the $25.04 billion recorded in the prior month. The expansion of the deficit was driven by a rise in imports, led by the gold and silver import sector, while exports declined during the period.
IN reported a widening of its merchandise trade deficit to $34.68 billion in January, according to data from the Government of India released on February 16, 2026. This figure significantly exceeded the $26 billion deficit expected by economists in a Reuters poll and the $25.04 billion recorded in the prior month. The expansion of the deficit was driven by a rise in imports, led by the gold and silver import sector, while exports declined during the period.
