Driven by gold and silver imports during the festive season, India’s trade deficit in October surged to a record high even as India’s goods exports entered the positive territory after eight consecutive months of decline due to weak demand in the Western countries and in China due to its property sector crisis.
The trade deficit swelled to $31.46 billion in October after gold imports surged by a massive 95 per cent to $7.2 billion last month compared to October last year. Festive demand also boosted Silver imports which leaped 125 per cent to $1.31 billion, official data released by the Commerce and Industry Ministry on Wednesday showed.
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