Trade deficit widens to record high

THE UNIT PRICE of petroleum products exported from India fell to $627.16 per tonne in April-October this year from $800 per tonne in April-October 2023.

In volume terms, the exports of petroleum products grew to 65.19 MT in April-October from 59.47 MT a year ago.

Apart from global prices that are driving gold imports, the reduction in basic custom duty on the metal to 6%, from 15%, also pushed shipments. In April-November, gold imports were up 49% to $49 billion. While gold imports were up, exports of gems and jewellery declined 26% to $2 billion, and in April-November, the decline was 10% to $19.2 billion. This suggests that the imported gold is largely being consumed locally, either for investments or jewellery.