Gold rush sparks concerns for India's wide trade deficit

India's goods trade deficit widened significantly to a record $42 billion in October, driven by a threefold surge in gold imports to $14.72 billion. This rise, coupled with a widening oil deficit, overshadowed a slight improvement in the electronics deficit. Merchandise exports also contracted sharply by 11.8% year-on-year, raising concerns about the country's external balances amidst slowing global trade trends.