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🌏 India's trade gap widens because of gold, not weak exports

🌏 India's trade gap widens because of gold, not weak exports

India's July trade deficit widened to $31.98bn as gold-driven imports outpaced a nearly 10% rise in exports. South Africa's gold output surged even as broader mining stayed weak, and Brazil's retail sales beat forecasts, cooling the case for near-term rate cuts.

Two Stats SA bar charts of mining production growth by mineral: June 2026 vs June 2025 (left) and Q2 2026 vs Q1 2026 (right).
Stats SA's June mining release showed a 4.0% year-over-year drop and a 2.7% quarterly decline in Q2, underscoring persistent sector weakness even after gold output swung back to growth. Source

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