Trade deficit narrows to US$ 12.12 billion in November 2019
India's merchandise exports declined 0.3% to US$ 25.98 billion in November 2019 over a year ago. Meanwhile, merchandise imports also dipped 12.7% to US$ 38.11 billion. The trade deficit narrowed 31.0% to US$ 12.12 billion in November 2019 from US$ 16.67 billion in November 2018.Oil imports declined 18.2% to US$ 11.06 billion, while the non-oil imports dipped 10.3% to US$ 27.04 billion in November 2019 over November 2018. The share of oil imports in total imports was 29.0% in November 2019, compared with 31.3% in November 2018. The price of India's basket of crude oil fell 4.4% to US$ 62.54 per barrel in November 2019 over November 2018.
Among the non-oil imports, the major contributors to the overall dip in imports were transport equipment imports declining 48.5% to US$ 1.22 billion, coal, coke & briquettes, etc 23.2% to US$ 1.72 billion, organic & inorganic chemicals 21.1% to US$ 1.57 billion and iron & steel 26.2% to US$ 1.10 billion, while imports of metaliferrous ores & other minerals also declined 32.5% to US$ 0.41 billion, electronic goods 4.0% to US$ 4.20 billion and non-ferrous metals 11.8% to US$ 1.06 billion.
Further, the imports of chemical material & products declined 14.6% to US$ 0.58 billion, artificial resins, plastic materials, etc. 6.8% to US$ 1.20 billion, silver 76.3% to US$ 0.09 billion and project goods 57.6% to US$ 0.14 billion.
However, the imports have increased for pearls, precious & semi-precious stones by 24.8% to US$ 1.98 billion, gold 6.6% to US$ 2.94 billion, pulses 84.6% to US$ 0.19 billion, electrical & non-electrical machinery 1.9% to US$ 2.96 billion, vegetable oil 5.2% to US$ 0.72 billion and medicinal & pharmaceutical products 4.3% to US$ 0.53 billion in November 2019.
On exports front, the petroleum products recorded a decline in exports by 13.1% to US$ 4.09 billion, followed by gems & jewellery 8.1% to US$ 2.58 billion, plastic & linoleum 15.3% to US$ 0.66 billion, and RMG of all textiles 6.5% to US$ 1.06 billion. The exports also declined for cotton yarn/fabrics/made-ups, handloom products etc by 3.7% to US$ 0.80 billion, leather & leather products 5.3% to US$ 0.38 billion, ceramic products & glassware 8.5% to US$ 0.22 billion, and mica, coal & other ores, minerals including processed minerals 1.9% to US$ 0.31 billion.
However, the exports moved up for engineering goods by 6.3% to US$ 6.30 billion, electronic goods 46.1% to US$ 1.16 billion, drugs & pharmaceuticals 20.6% to US$ 1.79 billion, oil seeds 52.7% to US$ 0.18 billion and marine products 9.0% to US$ 0.70 billion in November 2019. Further, the exports of iron ore also improved 37.0% to US$ 0.20 billion, organic & inorganic chemicals 2.5% to US$ 1.87 billion, spices 10.5% to US$ 0.32 billion, meat, dairy & poultry products 8.3% to US$ 0.39 billion, rice 4.7% to US$ 0.44 billion, and man-made yarn/fabrics/made-ups etc. 3.0% to US$ 0.38 billion in November 2019.
Merchandise exports in Rupees declined 0.9% to Rs 185645 crore, while imports dipped 13.2% to Rs 272274 crore in November 2019 over November 2018. The trade deficit eased to Rs 86630 crore in November 2019 compared with Rs 119786 crore in November 2018.
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India's merchandise exports fell 2.2% to US$ 211.93 billion, while merchandise imports declined 8.6% to US$ 318.78 billion in April-November 2019. The decline in imports was driven by a 12.8% fall in oil imports to US$ 84.99 billion. India's merchandise trade deficit eased to US$ 106.84 billion in April-November 2019 from US$ 131.12 billion in April-November 2018.
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