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.

India's exports registered a steepest decline in 13-month falling 9.3 per cent in August to $34.71 billion due to global economic uncertainties, while the trade deficit soared to a 10-month of $29.65 billion.

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

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.

August exports fell 9.3% year-on-year to $34.7 billion, while imports rose 3.3% year-on-year to $64.4 billion.

Indian markets hit record highs with the Nifty 50 and Sensex closing at their peaks ahead of the US Federal Reserve's crucial rate decision.

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'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.