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.
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.