Imports increased to a nine-month high of $76.22 billion in July on higher inbound shipments of fertiliser, petroleum, electronics and coal. Gold and silver imports softened following a sharp increase in customs duty on these precious metals. While gold imports rose 4.77% on-year to $4.16 billion, silver imports fell 66.1% to $171.68 million, the data showed. The government in May increased import duty on precious metals to 15% from 6%.
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The trade deficit was $30.43 billion in June 2026. The US was India’s top export destination and China was the top import source in July. Exports to West Asia recovered with July’s exports to the region nearly 8.62% higher than in July last year. “The deficit has increased as a quantum of trade but as a percentage of trade, it has declined to 26.5% in July from 27.3% last July,” said commerce secretary Rajesh Agrawal, attributing India’s higher exports to trade through different ports and shipping lines.
ET Bureau“Achieving record exports despite continuing disruptions in global logistics and supply chains, besides higher transportation costs, demonstrates the ability of Indian businesses to respond swiftly to an increasingly complex global trading environment,” Federation of Indian Export Organisations president SC Ralhan said.
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Agrawal said in percentage terms, India is doing well in China, Singapore, Australia, Spain and Malaysia. “There is a major upswing in Asean. Tanzania is a silver lining,” he said. “Border trade through the Nathu La route in Sikkim resumed on August 1, 2026 after a six-year hiatus, marking a significant step towards revitalising traditional cross-border trade and strengthening economic linkages in the region,” the commerce and industry ministry said. In the April-July period of this fiscal year, goods exports rose 17.04% to $173.78 billion, led by petroleum products because of price impact.