Trade dip: Exports fall 12% in October; deficit widens to $41.7 bn on gold import surge

India’s merchandise exports fell 11.8% to $34.38 billion in October, even as inbound shipments registered strong growth, pushing the trade deficit to $41.68 billion, government data released on Monday showed.Imports jumped 16.63% to $76.06 billion, driven largely by a sharp rise in precious metal inflows, PTI reported. Gold imports surged to $14.72 billion, nearly tripling from $4.92 billion in the same month last year, while silver shipments also contributed to the overall spike.Commerce Secretary Rajesh Agrawal said exports to the United States, India’s largest market, softened during the month, falling to $6.3 billion from $6.9 billion a year earlier.For the April–October period of the current fiscal, exports inched up 0.63% to $254.25 billion, while imports rose 6.37% to $451.08 billion, according to the commerce ministry data.