Gold Import Spike Pushes India’s Trade Deficit to All-Time High
India’s trade deficit widened to a record USD 41.7 billion in October 2025, driven by a sharp jump in gold imports to USD 14.7 billion.
India’s trade deficit widened to a record USD 41.7 billion in October 2025, driven by a sharp jump in gold imports to USD 14.7 billion.
Metals, agricultural goods and food products led export gains, while food, textiles and manufactured inputs rose fastest on the import side.
China dominates steel production, accounting for 53% of global output and nearly 1 in 5 dollars of steel exports in 2024.
India’s imports have grown prodigiously since 2000, reflecting the transformation of the country’s economy.
China alone accounts for a fifth of global crude oil imports while supply remains concentrated in a handful of exporters.
China’s concentration of production, processing and exports has created structural dependencies with wide-ranging effects on critical industries.
What China buys and where it buys it have reshaped supply chains, commodity flows and trade balances worldwide.
China and the U.S. account for 36% of the world’s oil refining capacity, and only five economies control half of the world’s capacity.
Asia’s share of global imports is dominant across key industrial commodities, with China driving regional demand and shaping global supply chains.
China is the world’s largest consumer of energy and runs large trade deficits for primary fuels, especially crude oil and petroleum gases.