India's record merchandise trade deficit in Oct likely to be a one-off

MUMBAI, Nov 16 (Reuters): The sharp widening in India's merchandise trade deficit in October to a record level, fuelled by a broad-based rise in imports, will likely be an outlier, analysts said.
India's merchandise trade deficit rose to an all-time high of $31.46 billion in October, widening sharply from the $19.37 billion print in the prior month. Imports jumped from $65 billion from $53.8 billion.
"On a sequential basis, about 70 per cent of the uptick in imports in October is led by oil, gold and silver imports," Morgan Stanley said.