FPJ News Service MUMBAI

India’s merchandise trade deficit widened to a 13-month high of $32.15 billion in September 2025, according  to data released by the Ministry of Commerce on Wednesday, as imports surged faster than exports after US President Trump’s 50% tariff on Indian goods. 

The Department of Commerce said that the latest revised growth forecast for India by the International Monetary Fund is self-explanatory. India’s GDP growth is now projected to reach 6.6% in 2025, followed by 6.2% in 2026. This represents an upward revision for 2025 compared to the July WEO update, driven by strong performance in the first quarter of the fiscal year. 

As per the IMF WEO update, the positive momentum has more than offset the impact of the increase in the United States’ effective tariff rate on Indian imports since July. India continues to be a bright spot in the global economy and the Department of Commerce will work in close coordination with concerned stakeholders to sustain this momentum and ensure inclusive, sustainable growth.

Merchandise exports in September 2025 stood at $ 36.38 billion as compared to $34.08 billion in September 2024. Merchandise imports during September 2025 were $68.53 billion as compared to $58.74 billion in September 2024. Total trade deficit (merchandise and services combined) doubled from $8.6 billion in September 2024 to $16.61 billion in September 2025. 

India’s total exports (merchandise and services combined) for September 2025 is estimated at $67.20 billion, registering a positive growth of 0.78% vis-à-vis September 2024. Total imports (merchandise and services combined) for September 2025 is estimated at $83.82 billion, registering a positive growth of 11.34% vis-à-vis September 2024. 

Merchandise exports during April-September 2025 (H1FY26) were $220.12 billion as compared to $213.68 billion. Merchandise imports were $375.11 billion as compared to $358.85 billion during April-September 2024. Merchandise trade deficit during April-September 2025 was $154.98 billion as compared to $145.18 billion during April-September 2024. 

Non-petroleum and non-gems and jewellery exports were $28.59 billion in September 2025 compared to $26.95 billion in September 2024. Non-petroleum, non-gems and jewellery (gold, silver & precious metals) imports in September 2025 were $41.77 billion compared to $36.96 billion in September 2024. 

The estimated value of services export for September 2025 is $30.82 billion as compared to $32.60 billion in September 2024. The estimated value of services imports for September 2025 is $15.29 billion as compared to $16.54 billion in September 2024.