November trade deficit narrows to $9.22bn
Imports in November fell to USD 33.83 billion versus USD 37.83 billion in October. It was down 16.37percent at USD 33.83 billion (Y-o-Y).
December 11, 2013 / 15:41 IST
India’s trade deficit narrowed to USD 9.22 billion in November versus USD 10.56 billion a month ago and USD 17.2 billion, a year ago on the back of improved exports and falling imports.
On an annual basis, exports in November rose 5.8 percent at USD 24.61 billion. However, it stood at USD 24.61 billion against USD 27.27 billion in October. Imports in November fell to USD 33.83 billion versus USD 37.83 billion in October. It was down 16.37percent at USD 33.83 billion (Y-o-Y). Crude oil and gold imports are biggest contributors to the India's trade bill. Gold and silver imports fell sharply at USD 1.05 billion (Y-o-Y), down 80.5 percent. Also Read: CAD likely to remain lower in Q3 and Q4, says India RatingsOil imports stood at USD 12.9 billion against USD 15 billion seen in October. Non-oil imports declined to USD 20.87 billion versus USD 22.61 billion (M-o-M). In a bid to protect the Indian currency and curb the trade deficit, the government has imposed an import duty of 10 percent on gold and tied imports for domestic consumption with exports.Meanwhile, commenting on November's trade deficit data, Commerce Minister said that the imports seen in the last month have been lowest since March 2011. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
