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trade deficit: India may need cheaper crude and gold to clear the Diwali smog on its record high trade deficit

India recorded a record-high merchandise trade deficit of $31.5 billion in October, driven by increased imports, particularly the price impacts of commodities like oil and gold, according to research firm Nomura. The deficit widened despite signs of an export cycle bottoming. Nomura attributes the deficit to steady investment demand, measures to control food inflation, and a Diwali effect on demand.
Aurodeep Nandi Sonal Varma Trade Deficit Oil Prices

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