India reported an all-time high merchandise trade deficit for October, reaching $31.46 billion, surpassing economists' predictions of $20.50 billion. The deficit was attributed in part to a substantial surge in gold imports during the festive season, a trend that significantly impacted the trade balance.

India faces unprecedented trade deficit in October, driven by soaring gold imports 

Merchandise exports grew 4.32 per cent year-on-year to $22.12 billion

India's trade deficit narrows to $9.8 billion in January

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