India’s trade deficit widened to $31.98 billion in July 2026, up from $27.5 billion in the same month of the previous year and surpassing market forecasts of $30.2 billion. It was the largest trade shortfall since January, as imports jumped by 18% annually to an all-time high of $76.2 billion, reflecting higher oil, fuel, and coal prices amid rising tensions in the Middle East. Exports advanced by 19.2% to $44.2 billion.