India's October trade deficit hits one-year high of $39.88 billion as gold imports jump
INDA•India's merchandise trade deficit widened to $39.88 billion in October, above the $32.25 billion forecast, as imports rose to $89.35 billion. Gold imports nearly tripled to $5.51 billion from September, while goods exports increased to $49.47 billion.
1. Imports lift deficit
India's merchandise trade deficit widened to a one-year high of $39.88 billion in October, from $30.21 billion in September, exceeding the $32.25 billion forecast. Imports rose to $89.35 billion from $74.61 billion, while goods exports increased to $49.47 billion from $44.40 billion.
2. Gold and export figures
Gold imports nearly tripled to $5.51 billion from $1.8 billion in September, with purchases rising ahead of Diwali. A senior official said the recovery was likely driven by a correction in global prices and pre-festive demand. Services exports were estimated at $40.51 billion and imports at $20.72 billion, giving a $19.79 billion services surplus in October.
