India's trade numbers for January 2026 reflected excellent performance in exports, with overall exports of merchandise and services hitting USD 80.45 billion, up 13.16 per cent from USD 71.09 billion in January 2025, even as imports rose faster. According to Commerce Ministry data, overall imports in January 2026 jumped 18.77 per cent year-on-year to USD 90.83 billion, compared with USD 76.48 billion a year earlier. This pushed the combined merchandise and services trade deficit to USD 10.38 billion from USD 5.39 billion. India's merchandise trade deficit widened to a three-month high of $34.68 billion in January. The goods trade deficit was widened due to a sharp rise ‌in gold and silver imports, which pushed up total merchandise imports by ‌12% ⁠month-on-month to $71.24 billion, while exports slipped 5% to $36.56 billion.

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