The Indian goods trade deficit widened to $30.43 billion in June of 2026 from $19.12 in the corresponding period of the previous year, above market expectations of a $26.5 billion gap. It was the widest deficit since January and the largest on record for the month of June. Imports surged by 31% to $70.84 billion, also the highest on record for the month, as the war in the Middle East and US tariffs aimed at preventing India from importing Russian oil lifted the price that India must pay for foreign energy. Imports rose despite the continuous pressure on the Indian rupee, which prevents a higher volume of foreign purchases. Meanwhile, exports rose by a softer $15.5 to $40.4 billion. Exports to the US were likely high, as the current trade deal between the US and India expires in July and risks higher levies for domestic manufacturers.