Record Trade Deficit Triggered by Gold Import Spike; Goods Exports Down 12%

India’s goods trade deficit hit a record $42 billion in October as exports fell 12% due to steep US tariffs and global slowdown, while imports rose to $76 billion driven by a surge in gold, silver and fertiliser purchases. Gold imports tripled to $14.7 billion and silver rose 528%, though oil imports declined. Non-oil, non-gold imports also grew strongly. Experts said festive-season speculation boosted gold demand but may ease ahead. Key export sectors like engineering goods, garments, and gems and jewellery declined, though electronic exports grew. Despite global uncertainties, officials said Indian exporters remain resilient.