📊Executive Summary

India's merchandise trade deficit reached a 13-month high of $32.15 billion in September 2025, driven by a significant increase in imports, particularly in electronics, gold, and oil. The surge in imports was influenced by a recent doubling of tariffs on Indian goods by the US, which has impacted the trade dynamics. Despite the widening deficit, India's non-petroleum exports have shown growth, indicating resilience in certain sectors. The increase in electronics imports suggests potential sourcing opportunities and challenges for procurement teams, particularly in managing costs and supply chain stability amid changing trade policies....