India’s trade deficit up $9.21 bn in November

New Delhi – India’s trade deficit rose to $9.21 billion in November, as imports declined sharply, government data showed Wednesday.

According to data released by the commerce and industry ministry here, the value of merchandise exports in November grew by 5.86 percent at $24.61 billion from the $23.25 billion worth of goods shipped-out in the corresponding period of 2012.

However, imports plunged by 16.37 percent at $33.83 billion in the month under review from $40.45 billion imported in the corresponding month of last year.

This has left trade deficit of $9.21 billion in November which is 46.43 percent lower than the deficit of $17.20 billion reported in the corresponding month of last year.

In October, the country’s trade deficit rose to $10.55 billion after narrowing to a two-and-half-year low of $6.7 billion in September.

Pick-up in purchases of gold and silver during the festive season i! n that period was cited as the main reason for the widening of the trad! e deficit gap.

Oil imports during last month fell by 1.1 percent to $12.96 billion in November from $13.10 billion imported during the corresponding period of 2012.

Non-oil imports slumped by 23.69 percent to $20.86 billion compared to $27.34 billion imported during November 2012.

Cumulative trade deficit for April-November period of the current financial year was reported at $99.90 billion, sharply lower by 22.69 percent from $129.23 billion registered in the corresponding period of last year.

Cumulative value of exports for the period April-November stood at $203.98 billion, 6.27 percent higher than $191.95 billion registered in the corresponding period of last fiscal.

Imports have dropped by 5.39 percent at $303.89 billion in the first eight months of the current fiscal from $321.19 billion reported in the corresponding period of 2012-13.