India’s merchandise trade deficit reached an all-time high at $31.46 billion in October, propelled by increased gold imports during the festive season and rising oil prices. Ministry of Commerce and Industry data revealed imports at $65.03 billion and exports at $33.57 billion. Year-on-year, the trade deficit surged nearly 20%, compared to $26.31 billion in October 2022. The spike is attributed to a 95% YoY increase in gold imports during Diwali, totaling $7.23 billion. Despite falling commodity prices, officials express optimism for stabilizing “green shoots” in India’s exports.