India’s April trade deficit widens to over $26 billion

India's merchandise trade deficit in April stood at $26.42 billion, according to a Reuters calculation based on export and import data released by the government on Thursday.

The latest figure was higher than economists' expectations of $20 billion, according to a Reuters poll, and rose from $21.54 billion in the previous month.

The government said exports stood at $38.49 billion in April, while imports were $64.91 billion, compared with $41.97 billion of exports and $63.51 billion of imports in March.

Global trade and supply chains have been upended by U.S. President Donald Trump's tariff hikes on its trading partners.

In April, the U.S. announced a 26% tariff on Indian goods, lower than those imposed on competing nations like China, Vietnam and Bangladesh.

India's exports to the U.S. rose to $8.42 billion in April from $6.61 billion a year earlier.

The levies, which the White House called reciprocal tariffs, targeting India and many other nations were later put on hold for 90 days until July 8, while an agreement to pause tariffs imposed on China was reached last weekend.

The U.S. is also negotiating trade agreements, including with India. On Thursday, Trump said that a deal with New Delhi is close.