A surge in gold imports takes India’s Oct trade deficit to a record high
The merchandise exports came at $33.57 billion, 6% up from $31.60 billion in October 2022. On the other hand, merchandise imports were at $65.03 billion, 11% up from $57.91 billion year-on-year.
India's trade deficit widened to a record high in October on higher imports. The trade deficit came at a record high of $31.46 billion for the month of October, a 18% increase from $26.3 billion in the year-ago period.
The jump in trade deficit was largely led by a 95% surge in gold imports. On sequential basis, gold imports surged to $7.23 billion, as compared to $4.1 billion in the previous month.
According to the data by the World Gold Council, gold demand in India rose 10% to 210.2 tonnes during the third quarter of the current calendar year amid softening of gold prices and festive demand.
Overall, the merchandise exports came at $33.57 billion, 6% up from $31.60 billion in October 2022. On the other hand, merchandise imports were at a 15 month high of $65.03 billion, 11% up from $57.91 billion year-on-year.
However, for the period of April to October, the exports have fallen 7% year-on-year, while the imports were down 8.95% from the corresponding period in the previous year.
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First Published: Nov 15, 2023 2:54 PM IST
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