India’s trade deficit in December edged up to USD 25 billion from USD 24.5 billion in November. Despite this marginal widening, the gap remains significantly lower than the record high of USD 42 billion seen in October. A sharp correction in gold imports since October and a slight improvement in exports have been key factors behind this improvement, while the oil trade balance also continued to improve. For the full year 2025, the trade deficit widened by USD 33 billion, with non-oil trade accounting for nearly 85% of the increase. One key takeaway from today’s data is that export growth has begun to normalise ... (full story)