India Balance of Trade

The merchandise trade balance in India widened to $25 billion in December of 2025 from $20.6 billion in the corresponding period of the previous year, marking the sharpest trade gap for the month on record. Imports rose by 8.8% from the previous year to $63.6 billion despite a week rupee and the decline in global energy benchmarks in the period, which make up a large portion of Indian imports, although pressure from the US to temper Indian purchases of Russian oil likely increased the energy input costs for refiners. In the meantime, exports grew a softer 1.8% to $38.5 billion. Foreign sales for selected industries were under pressure from 50% tariffs by the US, with India among the only major economies that have not secured a trade deal with the White House.