India’s Trade Gap Widens in Line With Estimates in November
Shipping containers and gantry cranes stand at the Jawaharlal Nehru Port, operated by Jawaharlal Nehru Port Trust (JNPT), in Navi Mumbai, Maharashtra, India. (Photographer: Dhiraj Singh/Bloomberg)

India’s Trade Gap Widens in Line With Estimates in November

(Bloomberg) --

India’s trade deficit widened as estimated, as exports contracted for the fourth straight month while the decline in imports eased.

The gap between exports and imports was at $12.1 billion in November from $11 billion in October, data released by the Commerce Ministry showed Friday. That was broadly in line with the median estimate of $12.3 billion in a Bloomberg survey of 21 economists.

Key Insights

  • Imports declined 12.7% from a year ago to $38.1 billion, compared with a 16.3% fall in October, while exports fell 0.3% to $25.98 billion, against a 1.1% drop the previous month
  • Oil imports dropped 18.2% from a year earlier to $11.1 billion, while gold imports rose 6.6% to $2.9 billion
  • Purchasing managers surveys earlier signaled improvement in the nation’s manufacturing and services sectors. The surveys followed data that showed growth in Asia’s third-largest economy slowed to a new six-year low of 4.5% in the quarter ended September

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  • To read the full statement on trade numbers, click here

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