India's merchandise trade deficit saw a significant drop to $20.58 billion in November, primarily due to reduced gold and oil imports, as per recent government data. While exports declined by 2.8% to $33.90 billion from $34.89 billion a year ago, overall imports decreased by 4.3% to $54.48 billion compared to $56.95 billion in the same period last year.
November witnessed a substantial decrease in gold imports, nearly halving to $3.45 billion from October's $7.2 billion, and a 22% reduction in oil imports, totaling $13.71 billion due to falling crude prices. Electronic goods imports also notably dropped by around 17% to $6.49 billion.
From April to November this fiscal year, exports shrank by 6.51% to $278.8 billion, while imports fell by 8.67% to $445.15 billion. Despite global economic slowdowns and geopolitical uncertainties from conflicts like the Russia-Ukraine war and the Israel-Palestine issue, India's exports continue to demonstrate resilience, noted Commerce Secretary Sunil Barthwal.
Key Points:
1. India saw a reduction in merchandise trade deficit to $20.58 billion in November, mainly influenced by decreased gold and oil imports, according to recent government data.
2. Despite a moderate decline of 2.8%, exports amounted to $33.90 billion, compared to $34.89 billion from the previous year.
3. Overall imports experienced a 4.3% decrease, reaching $54.48 billion compared to $56.95 billion in the same period last year.
4. Gold imports notably dropped by almost half, registering $3.45 billion in November, down from $7.2 billion in October.
5. Oil imports fell by 22% to $13.71 billion due to declining crude prices, while electronic goods imports also decreased by nearly 17% to $6.49 billion.
6. Data from April to November showcased a 6.51% contraction in exports, totaling $278.8 billion, while imports for the eight-month period decreased by 8.67% to $445.15 billion.
7. Despite global economic slowdown and geopolitical tensions like the Russia-Ukraine conflict and Israel-Palestine situation, India's exports have shown resilience, according to Commerce Secretary Sunil Barthwal.
8. October's trade numbers indicated a 6.21% increase in merchandise exports, totaling $33.57 billion, yet the trade deficit widened to a record $31.46 billion.
9. Barthwal expressed optimism about surpassing the previous year's figures, citing positive indicators seen in October's trade numbers.
10. External factors like the global economic slowdown and geopolitical uncertainties continue to impact exports, posing challenges despite India's export resilience amid adverse conditions.
(With Agency Inputs)
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