New Delhi: India’s merchandise trade deficit is expected to have widened to USD 28.0 billion in September 2025, up from USD 26.5 billion in August, according to a report by Union Bank of India.
The increase in the trade gap is driven primarily by a sharp rise in gold imports, which nearly doubled month-on-month despite record-high prices.
The report stated, “India’s merchandise trade deficit likely widened to USD 28.0bln in Sep’25, compared to USD 26.5bln in Aug’25, driven primarily by a surge in gold imports.”
