Trade Deficit Soars To Record High On A Sequential Drop In Exports

India's trade deficit widened in November as exports fell more than imports sequentially.

The trade deficit for November was at $22.91 billion compared with $19.7 billion in October.

• Merchandise imports were at $52.94 billion in November.

• Imports were up 56.6% year-on-year but down 4.4% month-on-month.

• Merchandise exports were at $30.04 billion.

• Exports were up 27.2% year-on-year but down 15.7% month-on-month.

Key Export Items

Most major exports saw a decline in November, compared to the previous month.

• Engineering goods exports stood at $8.1 billion, up 37% year-on-year. They were, however, 14.1% lower from October.

• Petroleum product exports at $4 billion were 154% higher than a year earlier, but 25.8% lower than October.

• Gems and jewellery exports were at $2.4 billion in November, 11% lower on an annual basis and 43.2% lower on a monthly basis.

• Drugs and pharmaceutical exports were at $1.8 billion, 7% lower on an annual basis and 11.4% lower on a monthly basis.

Key Import Items

• Petroleum, crude and product imports were up 132% over a year earlier and 1.7% up from October at $14.7 billion.

• Electronic goods were at $5.7 billion, up 22% over a year earlier and down 16% from October.

• Gold imports at $4.2 billion were 40% higher than a year ago, but 17% lower than last month.

• Imports of coal, coke & briquettes were 136% higher than a year ago and 8% higher than the previous month at $3.6 billion.

• Organic & inorganic chemicals were at $2.5 billion in November, 66% higher than an year ago and 4% lower than the previous month.

• Machinery, electrical & nonelectrical imports were at $3.3 billion in November, 27% higher than in November last year and 8% lower than in October this year.