India’s trade deficit in August 2024 almost hit a record high, with imports rising to $64.4 billion, driven by a surge in gold imports, while exports fell to $34.7 billion.
Gold imports more than doubled, surpassing $10 billion, partly due to lower customs duties and festival season demand. Commerce Secretary Sunil Barthwal said this increase is expected in a fast-growing economy like India. While oil prices dropped, lowering export values for petroleum, services exports showed growth, especially in tech sectors like electronics and pharma.