Trade deficit narrows! November deficit drops to $24.53 billion; $38.13 billion exports offset losses in October
India’s merchandise trade deficit of India dropped to $24.53 billion in November from $41.68 billion in October. This decline is attributable to decreased imports of gold, oil and coal, as shown in official government data released on Monday.India’s exports saw a significant rise of 19.37 per cent reaching $ 38.13 billion in November, whilst imports showed a slight decline of 1.88 per cent, settling at $62.66 billion.Commerce Secretary Rajesh Agrawal noted that November’s export performance successfully compensated for October’s downturn. He highlighted that the export value of $38.13 billion achieved in November marked the highest figure recorded in the past decade.According to a Reuters survey, analysts had anticipated November’s trade deficit to reach $32 billion, in comparison to October’s unprecedented deficit of $41.68 billion.To protect the economy from impacts of Donald Trump administration’s 50% tariffs, the central government has implemented various measures, including reductions in GST, initiatives to boost exports and reforms in labour laws, the Reuters report said.Following discussions with a US trade delegation, PM Modi engaged in conversations with US President Donald Trump last week, as India seeks concessions on crucial export items.Simultaneously, the United States continues to press India to decrease its tariffs and non-tariff restrictions on US products, whilst seeking access to Indian markets for American agricultural products, specifically soybean and grain sorghum.This story is being updated
