India's July 2026 merchandise trade deficit hits $31.98 billion
Business
India's merchandise trade deficit hit $31.98 billion in July 2026 (the highest in six months) mainly because India imported more electronics and gold from abroad, driven by a rise in crude oil prices and surging imports of electronics goods and gold.
Rising global oil prices and Middle East tensions pushed import costs up to $76.22 billion for the month, with electronics imports alone jumping over 44% compared to last year.
India's exports hit record $44.24 billion
Even with these rising import bills, India's merchandise exports set a record at $44.24 billion in July, and exports to the US stayed solid at $33.49 billion for April-July, even as exporters faced higher shipping costs and container shortages.