India's trade deficit rises to record high of $37.8 billion in Nov

India's merchandise trade deficit rose to an all-time high of $37.8 billion in November, driven by a rise in gold imports. Merchandise exports declined by 4.9% YoY to $32.11 billion, while imports jumped by 27% YoY to $69.95 billion. Gold imports climbed 331% YoY to record $14.8 billion in November fueled by festive demand and asset diversification amid geopolitical tensions.