The impact of high tariffs imposed by the US showed on Indian exports for the second month in October, when they contracted by 11.8 per cent to $34.38 billion. The trade deficit widened to a record high of $41.68 billion, mainly due to a jump in gold imports.

Government data released on Monday (November 17) showed that the country's imports jumped 16.63 per cent to an all-time high of $76.06 billion due to high inbound shipments of gold, silver, cotton raw/waste, fertiliser, and sulphur.

In September, the trade gap widened to $31.15 billion, the highest in over a year.

Precious metal imports rise astronomically

While gold imports rose by about 200 per cent to $14.72 billion, silver rose 528.71 per cent to $2.71 billion during October.

Crude oil imports dipped to $14.8 billion in Octob

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