Due to a rise in gold imports and a fall in exports to the United States, India’s goods trade imbalance grew to a new high of $41.68 billion in October, according to government figures released on Monday. September saw a 13-month high of $32.15 billion for the trade deficit.
The Reserve Bank of India reports that the deficit was $35.62 billion as of August 2024. According to a Reuters poll, economists predicted that the October trade imbalance would be $28.8 billion, down from $32.15 billion the month before.
According to data issued by the Commerce Ministry, exports to the US jumped from $5.47 billion in September. They decreased by about 9% year-over-year last month to $6.31 billion, down from $6.91 billion a year ago, due to tariffs on shipments of items such as textiles, shrimp, diamonds, and jewelry. US imports increased to $4.47 billion in October from $3.98 billion in the preceding month.
Imports of gold increased from $9.6 billion in September to $14.7 billion. While imports increased to $76.06 billion from $68.53 billion, total merchandise exports decreased to $34.38 billion last month from $36.38 billion in September.
