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India recorded a trade deficit of $26.42 billion in April of 2025, widening from $19.1 billion from the corresponding period of the previous year to mark the sharpest gap since the record-high from November of 2024. Imports surged by 19.12% annually to $64.91 billion, despite the decline in oil prices, as businesses likely front-loaded foreign purchases before the start of potential trade wars. Gold imports totaled $3.1 billion in the period. In turn, exports grew at a softer 9.03% annually to $38.49 billion. Exports to the US, which is India's top export destination, soared by nearly 30% to $8.42 billion despite being hit by 27% tariffs by Washington, which were temporarily suspended one week after being announced on April 9th.