India's merchandise trade deficit in August widened to $29.65 billion as merchandise exports fell, dragged down by rising shipping costs and a decline in global demand, data released by the government showed on Tuesday.

India reported record gold imports totaling $10 billion in August. It was over a three-fold increase over the previous month.

India’s trade deficit widened in August with a fall in exports due to a global slowdown, while imports climbed as domestic demand remained strong ahead of the festive season.

The rise in total imports was supported by a surge in core imports and gold and silver imports, following duty cuts announced in the July budget. However, the fall in oil imports did little to balance the growing trade deficit,

India's ready-made garment exports rose by 12% in August, reaching USD 1.26 billion, despite global challenges such as high logistics costs. The growth reflects the industry's resilience and focus on quality.

New Delhi: India’s trade deficit widened to a ten-month high of $29.65 billion in August from $23.5 billion in July, as the country’s imports hit a record high while exports declined due to muted global demand, especially in Europe, official data showed on Tuesday.

Total imports during the first five months of the current fiscal are estimated at $375.33 billion, registering a growth of 7.20 per cent.

Merchandise exports rose to $34.71 billion in value terms in August, but merchandise imports increased to $64.36 billion.

India's trade data for August has been revised, showing that imports have reached a record high. This has led to a widening of the trade deficit to $29.65 billion. Exports in August declined from 2023.