India's Trade Deficit Keeps Ballooning: New High Reached In November

by GoNews Desk 2 years ago Views 4659

India Trade Deficit New High Set In November
November 2021 trade deficit is a record $23.27 billion,as against $10.19 bn in Nov 2019 on the back of gold and crude oil imports. Gold imports increased by 8% which is a signifcant factor in creating the all-time high trade deficit. Imports increased by 57% while exports were weak and fell by 16.2%.

Imports in the period of April-November grew by 75.39% to $384.44 billion, while the trade deficit for this eight-month period is $121.98 billion.

A sharper fall in exports than imports exacerbated the trade deficit, reflecting the ongoing apprehensions in world markets related to coronavirus infections surge in Europe. There was a month-on-month (M-O-M) fall in exports of 16.2% registered in November as against a year-on-year (Y-O-Y) growth of 27%. Non-oil exports also fell 14.4% M-O-M against 18.3% Y-O-Y growth for this month.

The commerce ministry stated that "India's merchandise exports in April-November 2021 was $262.46 billion, an increase of 50.71 per cent over $174.15 billion in April-November 2020 and an increase of 24.29 per cent over $211.17 billion in April-November 2019”

WATCH | India's Trade Deficit Booms 175% In April-October 2021 


India's trade deficit was USD 19.7 billion in October, compared to a preliminary estimate of USD 19.9 billion. According to the data released by Ministry of Commerce imports jumped 62.5 percent year-on-year to USD 55.4 billion mostly due to increase in purchases of crude oil (140.5%). Meanwhile, exports surged – as many government spokespersons have proudly pointed out - at a softer 43% to USD 35.7 billion.

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