Goods trade deficit rises to $35 bn; gold import up 350%

INDIA’s merchandise trade deficit widened sharply to $35 billion in January, up from $24 billion in December, driven by a surge in gold and silver imports and a 23 per cent decline in exports to the US.

- PUSHPITA DEY @New Delhi

Merchandise exports during January remained largely flat at $35.56 billion, registering a marginal rise of 0.6 per cent year-on-year. Imports, however, jumped 19 per cent, led by a 24 per cent increase in inbound shipments from the US.

Gold imports during the month soared 350% to $12 billion, compared with $2.66 billion in the corresponding month of the previous year.