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regular-article-logo Thursday, 29 February 2024

Trade deficit widens to a record $31.46 billion in October due to surge in gold imports

Imports increased by 12.3 per cent to $65.03 billion in the month under consideration due to a jump in gold imports

Our Special Correspondent New Delhi Published 16.11.23, 11:45 AM
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A surge in gold import during the festive season widened trade deficit to a record $31.46 billion in October even as exports rose 6.21 per cent to $33.57 billion, government data showed on Wednesday.

Imports increased by 12.3 per cent to $65.03 billion in the month under consideration due to a jump in gold imports.

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Inbound shipments of gold rose by 95.41 per cent to $7.23 billion. The oil imports increased by 8 per cent to $17.66 billion during the month, the data showed.

The deficit (difference between imports and exports) is the “highest” because of the largest import figures, additional secretary in the commerce ministry L. Satya Srinivas told reporters here.

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