India’s exports fell 11.8% to USD 34.38 billion in October, weighed down by the impact of higher tariffs imposed by the United States. At the same time, the country’s trade deficit surged to an unprecedented USD 41.68 billion, driven largely by a sharp rise in gold imports.

Government data released on Monday shows that imports rose 16.63% to a record USD 76.06 billion, fuelled by increased shipments of gold, silver, cotton raw/waste, fertilisers, and sulphur.

In comparison, September had already seen the trade deficit widen to USD 31.15 billion, the highest in more than a year.