Trade deficit
- How often
- Every monthAbout the 15th of the following month
- Next release
- Mon 16 NovIn 4 days · expected · 5:00 PM
September 2026, up from $26.86 bn in August 2026.
Events on this chart
Source: Commerce, released 15 Oct 2026 · Chart: Clarity UPSC
- Previous
- $26.86 bnAug 2026
- Highest
- $33.00 bnSep 2025
- Lowest
- $22.56 bnMay 2025
8 readings since May 2025.
Story
How much more India spends on imported goods than it earns from exported goods.
What is happening now As of Sep 2026
India's goods trade deficit was $30.21 billion in September 2026, narrower than $33.00 billion in September 2025. Imports rose to $74.61 billion from $69.08 billion, but exports grew faster, to $44.40 billion from $36.08 billion, the Department of Commerce reports. Gold imports fell 81.27% and silver imports 49.11% from a year earlier.
For April–September 2026 the deficit was $177.64 billion, wider than $156.88 billion a year earlier. The Reserve Bank of India (RBI) said the gap widened in July–August mainly because of imports of electronic goods and crude oil. The Department of Commerce estimates a services surplus of $102.71 billion for April–September, which offsets more than half of the goods deficit.
Why it matters
The trade deficit shows how much more India spends on foreign goods than it earns from selling goods abroad. The gap must be paid in foreign currency, from services exports, remittances, foreign investment or borrowing. A wider gap adds to the demand for dollars and can weaken the rupee.
Crude oil, gold and electronics drive most of the swings. When world oil prices jump, the import bill rises even if India buys the same amount, and households feel it through fuel prices and a weaker rupee. The government uses the monthly figures when it sets import duties, export support and trade agreements.
What it is
The trade deficit is the value of goods India imports minus the value of goods it exports in a month, in US dollars. A larger number means a wider gap.
The Department of Commerce publishes it with the monthly trade release, around the 15th of the following month. Imports of crude oil and gold swing with world prices, and imports of electronics and machinery rise with demand at home.
Goods are only part of India's external accounts. Services exports and remittances bring in money that covers much of the goods deficit, which is why the current account deficit is far smaller.
Read this number
- The publisher
- The Department of Commerce in the Ministry of Commerce and Industry publishes India's monthly trade in goods and services.
Terms on this page (2)
- GDP
- Gross Domestic Product
- RBI
- Reserve Bank of India
History
- Jul 1991With reserves nearly exhausted, trade policy turns to export promotion and import compression, starting with exchange-rate adjustments on 1 and 3 July.
- Oct–Dec 2012Oil and gold imports widen the trade deficit and push the current account deficit to 6.7% of Gross Domestic Product (GDP) in the first estimate of the Reserve Bank of India (RBI).
- 2024-25The goods deficit widens 17.6% to $283.5 billion.
Readings
| Period | Value | Status | Released |
|---|---|---|---|
| Sep 2026 | $30.21 bn | Provisional | 15 Oct 2026 |
| Aug 2026 | $26.86 bn | Provisional | 15 Sep 2026 |
| Jul 2026 | $31.98 bn | Provisional | 13 Aug 2026 |
| May 2026 | $28.21 bn | Provisional | 15 Jun 2026 |
| Sep 2025 | $33.00 bn | Revised | 15 Oct 2026 |
| Aug 2025 | $27.22 bn | Revised | 15 Sep 2026 |
| Jul 2025 | $27.88 bn | Revised | 13 Aug 2026 |
| May 2025 | $22.56 bn | Revised | 15 Jun 2026 |
For UPSC
Know the difference between the trade deficit, the services balance and the current account deficit, and the main imports behind the gap: crude oil, gold and, increasingly, electronics.