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Record gold imports widen trade deficit
The New Indian Express
|December 17, 2024
IN what could put pressure on the economy, India's trade deficit the difference between imports and exports widened to a record $37.8 billion in November, showing a 4.8% drop in exports and a record increase in imports driven by massive gold demand.
The average monthly deficit recorded during the April-October 2024 period was $23.5 billion, government data released on Monday showed.
In absolute terms, merchandise exports fell from $33.75 billion in November 2023 to $32.11 billion in November 2024. In contrast, imports during November 2024 grew 27% to $69.95 billion with gold shipments rising 4.3 times to $15 billion.
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