India's trade deficit widens to $32.15 billion in September

Business Oct 15, 2025

India's trade deficit hit $32.15 billion in September 2025, up from $26.49 billion in August, mainly because of higher gold imports and a delay in sealing a trade deal with the US.
Interestingly, experts had expected a much smaller gap for the month.

What do experts say?

The US buys about 20% of India's exports, so the stalled trade deal could weigh on export growth.
Even though India is trying to cut back on imports and global prices are lower, weak demand abroad and tariff hurdles are still big challenges.
With festive gold buying and steady demand for energy and electronics, the deficit might stay high for now—but a possible US-India trade agreement, with discussions expected to continue through November, could give exports a much-needed boost.