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Festival gold rush widens trade deficit to new high
India's merchandise trade deficit surged to a record $31.5 billion in October as festival demand led to a sharp increase in imports of gold and silver, even as exports registered positive growth, aided by a favourable base. According to data released by the commerce department on Wednesday, merchandise exports grew at the fastest pace (6.2 per cent) in 11 months to $33.6 billion in October. Imports rose at the fastest pace (12.3 per cent) in 13 months to $65.03 billion.