India's merchandise trade deficit widened to $34.68 billion (₹3.14 lakh crore) in January as goods imports rose due to gold and silver shipments. Goods exports fell to $36.56 billion from $38.51 billion in December, while imports jumped to $71.24 billion from $63.55 billion. January numbers reflect final impact of US' 50% tariff on India which has now reduced to 18%.