India's Trade Balance Deteriorates: Exports Drop 11.8% While Imports Surge 16.6% in October

India's exports witnessed a significant decline of 11.8 percent in October, reaching USD 34.38 billion, according to official government data released on Monday.

Meanwhile, imports saw a substantial increase of 16.63 percent, totaling USD 76.06 billion during the same period.

The resulting trade deficit for the country expanded to USD 41.68 billion in the reporting month.

The surge in imports was primarily attributed to increased shipments of precious metals, particularly gold and silver.

Gold imports significantly increased to USD 14.72 billion last month, compared to USD 4.92 billion recorded during the same month in the previous year.

Commerce Secretary Rajesh Agrawal informed reporters that India's exports to the United States decreased to USD 6.3 billion in October, down from USD 6.9 billion registered during the same month last year.

For the April-October period of the current fiscal year, exports showed a marginal increase of 0.63 percent, reaching USD 254.25 billion. During the same timeframe, imports grew by 6.37 percent to USD 451.08 billion, as revealed by commerce ministry data.