印度商务部数据显示，受黄金进口同比激增199.2%至147.2亿美元的强力推动，该国10月商品贸易逆差 扩大至创纪录的416.8亿美元，远超市场预估的288亿美元，较去年同期的262.2亿美元增长60%，较9月 的321.5亿美元大幅攀升29.6%。 作为全球第二大黄金消费国，印度10月黄金进口呈现"量价齐升"态势。进口额从去年同期的49.2亿美元 飙升至147.2亿美元的创纪录水平，占当月商品进口总额760.6亿美元的19.35%，成为推动进口总额创历 史新高的核心动力。 进口来源高度集中，瑞士作为最大供应国，贡献了40%的进口份额，10月对印黄金出口额同比激增 403.67%至50.8亿美元；阿联酋（占比超16%）和南非（约10%）紧随其后。同期白银进口也受带动，同 比跳升528.71%至27.1亿美元。 出口下滑加剧贸易逆差压力 黄金进口的爆发式增长，叠加出口14个月来最严重收缩，进一步放大了印度贸易逆差。10月印度商品出 口同比下滑11.8%至343.8亿美元，创11个月新低，主要受美国关税和高基数效应影响。 美国对多项印度产品加征50%高关税后，印度对美出口连续第二个月下滑，10月出口额降至63亿美 ...

节庆需求推动黄金进口创新高 印度10月黄金进口额达到147.2亿美元，较去年同期增长近两倍。本财年前7个月（4月至10月），黄金 进口累计达412.3亿美元，同比增长21.44%，高于去年同期的340亿美元。 瑞士是印度最大的黄金进口来源国，占比约40%，其次是阿联酋（超过16%）和南非（约10%）。数据 显示，10月从瑞士进口额激增403.67%至50.8亿美元。本财年前7个月，从瑞士进口增长10.54%至154亿 美元。 黄金在印度进口总额中占比超过5%。作为全球第二大黄金消费国，仅次于中国，印度的黄金进口主要 满足珠宝行业需求。目前黄金价格在新德里徘徊在每10克12.9万卢比左右。白银进口同样大幅增长，10 月进口额跳升528.71%至27.1亿美元。 贸易逆差创纪录 印度10月黄金进口创下历史新高，同比飙升近三倍至147.2亿美元，推动该国商品贸易逆差扩大至创纪 录的417亿美元。这一逆差数据远超市场预期，凸显出节庆需求和美国关税双重压力对印度贸易账户的 冲击。 根据印度商务部周一公布的数据，该国10月黄金进口额较去年同期的49.2亿美元大幅增长，增幅接近 200%。印度商务部长Rajesh Agra ...

Core Insights - India's goods trade deficit reached a record high of $41.7 billion in October, driven by a surge in gold imports and the impact of U.S. tariffs on exports [1][2] Trade Deficit and Imports - The trade deficit significantly exceeded Reuters poll estimates of $28.8 billion and surpassed the previous record of $37.8 billion set in November 2024 [2] - Gold imports in October amounted to $14.7 billion, marking an increase of nearly 200% compared to the same month last year, with consumers estimated to have spent $11 billion during the five-day festival period [2] Exports and Tariff Impact - Exports to the U.S. declined for the second consecutive month, falling 8.5% year-on-year in October to $6.3 billion due to the 50% tariffs implemented at the end of August [3] - Despite the decline, the U.S. remained the largest export destination for India, with shipments worth $52 billion in the first seven months of the fiscal year [3] - Key exports such as gems and jewelry fell by 29.5% to $2.3 billion, while engineering goods decreased by 16.7% to $9.4 billion [4] Future Outlook - Merchandise imports are expected to decrease in November and December 2025 as gold imports decline post-festival season, alongside a potential increase in exports [5] - India's current account deficit is projected to widen to 2.4-2.5% of GDP in the third quarter of the fiscal year ending March 2026, with a CAD to GDP ratio of around 1.2% for fiscal year 2026 if U.S. tariffs remain in place [6] Trade Negotiations - Ongoing trade negotiations between the U.S. and India have yet to yield a deal, although both sides are softening their positions, with hints from U.S. President Trump about potential tariff reductions [7] - India has increased oil and gas purchases from the U.S. to address the trade surplus and is expected to buy agricultural products as well [7]

（责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇11月17日｜印度政府周一公布数据显示，受黄金进口增加及对美出口下降影响，印度10月商品贸 易逆差扩大至创纪录的416.8亿美元。9月的贸易逆差已升至13个月高点的321.5亿美元。根据印度央行数 据，2024年8月逆差为356.2亿美元。路透社调查显示，经济学家原本预计10月的贸易逆差为288亿美 元，低于前一个月的321.5亿美元。印度商务部数据显示，10月对美出口同比下降近9%，从去年同期的 69.1亿美元降至63.1亿美元，但较9月有所回升。关税冲击了纺织品、虾类以及宝石和珠宝等商品的出 口。与此同时，10月自美国进口额从9月的39.8亿美元增至44.7亿美元。黄金进口额在10月达到147亿美 元，高于9月的96亿美元。 ...

美国与瑞士周五达成贸易协议，同意将对瑞士商品征收的关税从39%降至15%，即将结束美国对瑞士的超高关税及贸易争端。这一突破性协议为最受美国关 税打击的发达国家瑞士带来急需的经济缓和利好。 美东时间14日周五美股早盘时段，瑞士政府在社交媒体上宣布，美国对瑞士实行的关税将降至与欧盟相同的15%。这意味着，美国对瑞士已实行三个多月的 39%关税将要猛降过半，据央视新闻，当地时间7月31日，特朗普签署行政令，对瑞士的关税税率定为39%，成为美国对任何发达国家征收的最高关税。 瑞士政府确认达成协议后，瑞士股指跌幅收窄至1.1%，中盘股指数跌幅收窄至不足1.6%。美股盘前曾刷新四周来高位的瑞士法郎收窄涨幅，美股盘前曾跌 超0.6%的美元兑瑞郎汇率重上0.7900，一度几乎抹平盘中跌幅。 美国贸易代表格里尔周五临近美股开盘时向媒体证实，美国与瑞士双方"基本达成协议"，并表示细节将稍后在白宫网站公布。 该协议为这个高度依赖出口的经济体带来重大利好。惩罚性关税已导致瑞士经济在第三季度可能出现萎缩，失业率达到四年来最高水平。 瑞士政府：感谢特朗普的建设性接触 瑞士政府在宣布协议时特别感谢美国总统特朗普的建设性接触，并表示瑞士经济 ...

分项数据显示，服务业增长0.2%，建筑业微升0.1%，而生产部门则收缩0.5%。其中，9月单月实际GDP 环比下降0.1%，扭转了8月持平的表现。 工业领域表现尤为疲弱。9月工业产出环比骤降2.0%，逆转前月修正后的0.3%增幅，创下自2021年1月 以来最大单月跌幅。制造业产出下降1.7%，机动车、拖车和半挂车制造产出更是大幅下滑28.6%。此 外，电力、燃气、蒸汽和空调供应下降3.4%，采矿和采石业同样下降3.4%，供水、排污及废物管理活 动下降0.7%。工业产出同比降幅扩大至2.5%，远超市场预期的1.2%。 贸易方面，9月商品贸易逆差收窄至10.9亿英镑，为今年1月以来最小水平，前值经下修后为12.8亿英 镑。出口额环比下降0.9%至772.1亿英镑，为三个月低点；进口额下降1.1%至783亿英镑，创八个月新 低。对欧盟出口下降2.7%，主要受燃料出口减少拖累，包括对丹麦和德国的原油出口下滑；对非欧盟 国家出口下降8.0%，其中对美商品出口下降11.4%，降至2022年1月以来最低水平，主因大宗商品出口 减少。服务出口亦下降0.7%至459.9亿英镑，为五个月低点；商品进口下降2.0%至501亿英镑， ...

Core Viewpoint - Swiss businesses are actively engaging with the U.S. to negotiate a reduction in tariffs, moving closer to a potential agreement that could lower tariffs to 15%, aligning with the EU's tariff rates on U.S. exports [4][6]. Group 1: Trade Negotiations - Swiss enterprises have shifted from behind-the-scenes lobbying to direct engagement with the Trump administration, reflecting the urgency created by the recent imposition of a 39% tariff on Swiss goods [6][7]. - The Swiss delegation, led by President Keller-Sutter, initially aimed for a tariff agreement around 10%, but the unexpected increase to 39% shocked both political and business leaders in Switzerland [6][8]. - The private sector has emerged as a key player in breaking the negotiation deadlock, with prominent Swiss business leaders meeting with President Trump to discuss trade issues [7][8]. Group 2: Economic Context - The U.S. is Switzerland's largest export market, with significant exports including watches, chocolate, and machinery, and the trade deficit has been cited as a reason for the high tariffs [6][12]. - In 2024, the U.S. trade deficit with Switzerland reached $38.3 billion, a 56.1% increase from the previous year, while the U.S. maintained a $29.7 billion surplus in service trade with Switzerland [12][13]. - The gold refining industry in Switzerland, although a small part of the economy, has contributed significantly to the trade deficit, prompting discussions about Swiss investments in U.S. gold refining as a potential bargaining chip [12][14]. Group 3: Future Prospects - There is optimism that an agreement could be reached by January 2026 during the World Economic Forum in Davos, where President Trump is expected to attend [14][15]. - The involvement of the new U.S. ambassador to Switzerland may also provide additional momentum to the negotiations, although the situation remains uncertain [9][10].

Core Insights - Estonia's total goods trade import and export value reached €3.46 billion in September 2025, marking a year-on-year increase of 5.6% [1] - Exports amounted to €1.58 billion, up 4.5% year-on-year, while imports were €1.88 billion, reflecting a 6.5% increase [1] - The trade deficit stood at approximately €290 million, an increase of €46 million compared to the same period last year [1] Export and Import Breakdown - The largest export category in September 2025 was electrical equipment, accounting for 15% of total exports, remaining stable year-on-year [1] - Agricultural products and food exports represented 13% of total exports, showing a significant year-on-year growth of 22% [1] - Wood and wood products exports made up 11.4% of total exports, with a year-on-year increase of 7% [1] - The primary import category was agricultural products and food, which constituted 13% of total imports, with a year-on-year growth of 12% [1] - Electrical equipment and transport equipment accounted for 12.7% and 12.6% of imports, respectively, with declines of 5% and 4% year-on-year [1] - Mineral products represented 10% of total imports, showing a year-on-year increase of 13% [1] Trade Partners - In September 2025, Estonia exported €1.22 billion to EU member states, a year-on-year increase of 11%, making up 77% of total exports [2] - Finland was the largest export partner, accounting for 16.3% of total exports, with a year-on-year growth of 4% [2] - Latvia and Sweden followed, representing 11.3% and 9.5% of total exports, with year-on-year increases of 3% and 20%, respectively [2] - Estonia imported €1.61 billion from EU member states, a 7% year-on-year increase, constituting 86% of total imports [2] - Imports from Finland accounted for 12.7%, with a year-on-year growth of 3%, while imports from Germany and Latvia increased by 15% and 10%, respectively [2]

Core Viewpoint - Swiss businesses are actively engaging in negotiations with the U.S. to reach a tariff agreement, potentially lowering tariffs to 15%, aligning with the EU's tariff rates [1][2][4] Group 1: Swiss Business Engagement - Swiss business leaders have shifted from behind-the-scenes lobbying to direct engagement with the Trump administration, aiming to break months of negotiation deadlock [2][3] - The Swiss delegation, led by Federal President Keller-Sutter, was initially shocked by the U.S. imposing a 39% tariff on Swiss goods, which is the highest among developed economies [2][4] Group 2: Economic Impact and Trade Relations - The U.S. trade deficit with Switzerland is approximately $39 billion, with the U.S. imposing high tariffs as a response to this imbalance [2][6] - Swiss exports account for over 70% of its GDP, with key products including watches, chocolate, and machinery, making the U.S. a crucial market [4][6] Group 3: Negotiation Dynamics - High-profile Swiss executives, including those from Partners Group and Rolex, have met with Trump to emphasize the strong economic ties between the two nations [3][4] - The Swiss strategy in negotiations has leveraged its traditional strengths, with business leaders seen as more effective than political figures in addressing trade issues [4][5] Group 4: Future Prospects - There is speculation that a trade agreement could be announced at the World Economic Forum in Davos in January 2026, with Trump likely to attend [7] - The potential for Swiss companies to invest in the U.S. gold refining industry is being considered as a strategy to persuade the U.S. to lower tariffs [6][7]

Core Viewpoint - The article discusses the potential for American citizens to receive a minimum of $2000 in tariff "dividends" as proposed by President Donald Trump, which may be realized through tax measures included in his economic policy agenda [1][6]. Group 1: Tariff Policy and Economic Impact - Treasury Secretary Scott Bessent indicated that the $2000 dividend could take various forms, potentially linked to tax measures such as exemptions on tips, overtime, and social security, as well as tax deductions for auto loans [1]. - Trump has been defending his tariff policy amid a Supreme Court case that could overturn it, which may lead to the government refunding over $100 billion in taxes [3]. - The tariffs imposed by Trump range from 10% to 50% on most imported goods, aimed at addressing the long-standing trade deficit [4]. Group 2: Revenue and Trade Balance - Trump claimed that the U.S. is generating trillions in revenue and will soon begin to pay down its substantial $37 trillion debt [6]. - Bessent emphasized that while significant revenue could be generated in the coming years, the primary goal of the tariffs is to rebalance trade and make it fairer [6]. - Chief Justice John Roberts raised questions about whether tariff revenue equates to taxation, highlighting the core power of Congress in this matter [5].