Merchandise exports dipped slightly, while merchandise imports shot up by over $12 billion compared to last year.
Services were a bright spot: exports there jumped by nearly $8 billion, though services imports also crept up.

Gold imports rose more than 20% during April-January 2025-26, reaching $61.46 billion between April and January.
Silver saw an even wilder jump during April-January 2025-26, up 128% to almost $10 billion.
These precious metals made a huge difference in the overall trade gap, showing how global trends (and maybe some local demand for bling) can really shake up the numbers.