India Trade Deficit Rose on Jump in Gold, Silver Imports

By Ed Frankl

India's trade deficit rose on year in October, as precious-metal imports outpaced accelerating exports.

The deficit in trade goods, measuring the difference between exports and imports, stood at $31.46 billion, down from $26.31 billion a year earlier, government data showed Wednesday.

Imports rose 12.3% on year to $65.03 billion, while exports increased less, by 6.2% on year to $33.57 billion.

Gold imports jumped 95% on year to $7.23 billion in October, with silver imports also up 125% to $1.31 billion, ahead of the festival of Diwali in November. Iron ore, alongside oil and electronic goods, led rising exports.

High imports come despite relative weakness in the Indian rupee. The currency hit a record low against the U.S. dollar in the past week.

Write to Ed Frankl at [e-mail]

(END) Dow Jones Newswires

11-15-23 0729ET