India's trade deficit likely to narrow to $20.88 bn in Jan from $21.94 bn in Dec: Union Bank of India

India's merchandise trade deficit decreased to USD 20.88 billion in January 2025 from USD 21.94 billion in December 2024, driven by a decline in gold imports amid rising global prices and the end of the festival season. However, the oil trade deficit widened slightly due to an increase in global crude prices, notably from Russia and the US.