Trade deficit in October stood at $27.1 billion and experts polled by news agencies Reuters and Bloomberg had estimated November's figure to be around $23 billion. The rupee closed at a record low on Monday, falling 0.1% to 84.8712 per dollar.
Overall, the data released on Monday showed, goods exports in November declined 4.85% to $32.11 billion from $33.75 billion a year ago. Imports, however, surged by 27% to $69.95 billion compared to $55.06 billion in November 2023, mainly due to record gold imports.
Gold imports jumped a staggering 332% to $14.86 billion in November 2024 compared to $3.44 billion in the same period last year. This surge came despite a 26.26% fall in gems and jewellery exports to $2.06 billion, suggesting gold imports were mainly for domestic consumption rather than value addition for exports, according to an expert who requested anonymity.
Petroleum product exports contracted sharply by 49.7% to $3.72 billion in November 2024, on account of softening international oil prices, though India's petroleum exports grew in quantitative terms.
Esta historia es de la edición December 17, 2024 de Hindustan Times Navi Mumbai.
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