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

Imports jumped by 3.3 per cent to a record high of $64.36 billion, driven by a significant increase in the inbound shipments of gold and silver

The surge in trade deficit in the month of August was primarily driven by record Gold imports totalling USD 10.1 billion, said a report by Emkay. As per the report, the spike in gold imports was due to the reduction in customs duty and increased demand ahead of the

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.

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.

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.

India's merchandise trade deficit in August widened to a ten-month high of $29.65 billion after gold imports surged while exports fell, dragged down by climbing shipping costs and sluggish global demand.

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