India’s November exports arrived at $22.3 billion and imports for the month stood at $35.9 billion, resulting in a net trade deficit of $13.6 billion. On a positive note, November trade deficit shrank substantially from October’s record $19.6 billion trade gap marred by lower Indian exports and shipments.
Further, India’s exports rose 33.2% to $192.7 billion for the eight month period of April to November 2011. However, growth in imports by 30.2% to $309.5 billion spoiled the party to sum up a trade deficit of $116.8 billion during the eight month period.
Commerce Secretary Rahul Khullar expects the trade deficit to crossover the crucial $150 billion this fiscal year, as balance of trade remains a serious problem on account of strong imports. The imports in the first half of the fiscal were driven by increasing imports of petroleum, oil and lubricants and precious metals.
- India October Exports: $19.9 billion
- India September Exports: $24.8 billion
- India August Exports: $24.36 billion