Trade data released on Monday showed that India's trade deficit reached a fresh high of $37.8 billion in November, driven by a surge in merchandise imports
Slamming the Modi government, Leader of Opposition in the Lok Sabha Rahul Gandhi on Wednesday said prioritising crony businesses over play-fair ones leads to weakened manufacturing sector, depreciating currency, record high trade deficits, high interest rates, falling consumption and soaring inflation. Tagging a media report which said that trade deficit and imports are at an all-time high, Gandhi hit out at the government. "What happens when a government prioritises crony businesses over play-fair businesses?" Gandhi said. "Result: Weakened manufacturing sector, depreciating currency, record high trade deficits, high interest rates, falling consumption and soaring inflation," he said in a post on X. After recording double-digit growth in October, India's exports in November contracted by 4.85 per cent year-on-year to USD 32.11 billion, while the trade deficit widened to an all-time high of USD 37.84 billion due to record surge in gold imports. According to the commerce ministry d
Early indicators point to a weaker start, as GIFT Nifty futures were trading 51 points lower at 24,687 around 6:31 AM
The country's gold imports in November reached a record high of USD 14.86 billion, registering a four-fold increase, mainly on account of festival and wedding demands, according to commerce ministry data. Gold imports stood at USD 3.44 billion in November 2023. Cumulatively, imports during April-November this fiscal year rose 49 per cent to USD 49 billion as against USD 32.93 billion in the same period last fiscal year. According to the ministry, gold, with about 25 per cent average annual return, is one of the best-performing assets in 2024 (till November) and high imports indicate strong investor confidence in the precious metal as a safe asset. The other reasons include asset diversification towards gold due to global uncertainties, increasing demand from banks, cut in customs duties. Prices of the yellow metal have increased 23 per cent so far this year to Rs 78,350 per 10 gm in the national capital. In the Budget, the government slashed the duty from 15 per cent to 6 per ...
Economists had expected the country's November trade deficit to be $23.9 billion
The current account deficit (CAD) for the September quarter is set to widen to 1.6 per cent -- the most in the last seven quarters -- a report said on Thursday. In absolute terms the July-September CAD will be USD 15 billion, or 1.6 per cent, as against USD 9.8 billion, or 1.1 per cent, in the June quarter, India Ratings and Research said in the report. The CAD in the second quarter will be the highest since Q3 FY23, where the crucial gap representing the country's external position was USD 16.8 billion, or 2 per cent of the GDP. The domestic rating agency said merchandise exports shrank 3.9 per cent during the period while goods exports were down to a 12-quarter low of USD 103 billion. Goods exports declined after three quarters due to subdued demand from major exporting partners such as China, Singapore, Bangladesh, and Australia, it said. The CAD is moderate to about 1.3 per cent of the GDP in December quarter, Paras Jasrai, its economist and senior analyst, said.
The country's garment exports rose by 8.5 per cent to USD 7.5 billion during April-September this fiscal despite global uncertainties, according to the commerce ministry data. In September also, the exports of ready-made garments grew by 17.3 per cent to USD 1.11 billion, the data showed. Commenting on the data, Apparel Export Promotion Council (AEPC) Chairman Sudhir Sekhri said India's exports have recorded high growth despite global headwinds and continued inflationary pressure. Even the major apparel exporting countries have witnessed a slowdown in the RMG export growth in recent months, he said. "India is uniquely placed with the advantage of low import dependence, existence of the entire ecosystem from fibre to fashion, abundant and young labour force and therefore scope for growth is unlimited," he added. Sekhri added that this year exporters will be participating in many big international fairs and will be hosting Bharat Tex again in 2025 to increase their global footprint.
Exports stood at $34.58 billion in September, while imports were at $55.36 billion during the month
For consumer welfare, greater economic resilience, a stable trade deficit, and sustainable growth, the country needs to start looking outward for new markets
India has recorded trade surplus with as many as 151 countries such as the US and Netherlands, while the country has a trade deficit with 75 nations including China and Russia during the first half of this year, according to think tank GTRI. The Global Trade Research Initiative (GTRI) said that India does not need to worry about the trade deficit from importing crude oil and coal, however, it must focus on reducing the industrial goods imports, especially from countries like China, as these threaten India's economic sovereignty. "Between January and June 2024, India had a trade surplus with 151 countries, representing 55.8 per cent of its exports and 16.5 per cent of its imports, totalling USD 72.1 billion," GTRI said in a report. The biggest surpluses were with the USA (USD 21 billion) and the Netherlands (USD 11.6 billion) during January-June this year. "India had a trade deficit with 75 countries, which accounted for 44.2 per cent of its exports and 83.5 per cent of its imports,
The US has emerged as India's top trading partner during January-June this year, while the country has recorded its highest trade deficit of USD 41.6 billion with China during the period, according to think tank GTRI. It also said the country's merchandise exports rose 5.41 per cent to USD 230.51 billion during the first of 2024. "China topped the list with a substantial trade deficit of USD 41.6 billion, as exports to China were USD 8.5 billion, while imports reached USD 50.1 billion during January-June 2024," it added. The data analysis for the first half of this calendar year by the Global Trade Research Initiative (GTRI) showed India exports goods to 239 countries and out of these, 126 countries showed positive growth in exports. These nations account for 75.3 per cent of India's total exports. Major countries with increased exports include the USA, UAE, Netherlands, Singapore, and China. However, exports declined in 98 countries, which account for 24.6 per cent of India's ...
Inbound shipments into the country rose 7.46 per cent to $57.48 billion during the month, leading to a trade deficit of $23.5 billion
India's merchandise exports in July dipped 1.2 per cent to USD 33.98 billion from USD 34.39 billion in the year-ago month, according to government data released on Wednesday. Imports increased by about 7.45 per cent to USD 57.48 billion in July against USD 53.49 billion a year ago. The trade deficit, or the gap between imports and exports, during the month under review stood at USD 23.5 billion. Briefing media on data, Commerce Secretary Sunil Barthwal said that going by the current trend, the country's total exports of goods and services will cross last year's figure. India's merchandise exports rose by 2.56 per cent to USD 35.2 billion in June, even as the trade deficit widened to USD 20.98 billion. Exports during April-July this fiscal increased 4.15 per cent to USD 144.12 billion, and imports grew 7.57 per cent to USD 229.7 billion.
India has the highest trade deficit with China in goods but the gap expanded at a lower pace during 2014-15 to 2023-24 as compared to the previous 10 years, Commerce and Industry Minister Piyush Goyal said on Friday. In a written reply to a question in the Rajya Sabha, the minister said that the trade deficit has increased by compound annual growth rate (CAGR) of 42.85 per cent during 2004-05 to 2013-14, while the same has come down to 6.45 per cent during 2014-15 to 2023-24 which clearly indicates the success of the government in containing rate of growth of excessive import growth from China during the past ten years. It may also be noted that from 2004-05 to 2013-14, trade deficit grew by approximately 24.8 times while it grew only by 1.75 times from 2014-15 to 2023-24, he said. "India has the highest merchandise trade deficit with China," Goyal said. India's exports to China in 2023-24 stood at USD 16.65 billion, while imports aggregated at USD 101.75 billion, leaving a trade .
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India's current account surplus in the fourth quarter of the 2023-24 fiscal was aided by narrowing of the merchandise trade deficit, an increase in remittances and a surplus in services trade, according to a CRISIL report released on Wednesday. The country's current account recorded a surplus of USD 5.7 billion, which is 0.6 per cent of the GDP, in the fourth quarter of the last financial year. It was in deficit of USD 8.7 billion, equivalent to one per cent of GDP, in the third quarter of the 2023-24 fiscal, the report said. In the corresponding fourth quarter of 2022-23, the country's current account was also in deficit of USD 1.3 billion, which was 0.2 per cent of the GDP. "The improvement in current account balance to 0.6 per cent of GDP surplus in Q4 fiscal 2024, from a deficit of 0.2 per cent of GDP a year ago reflects improvement on all three fronts i.e. merchandise trade deficit narrowed, services trade surplus increased and remittances rose," the CRISIL report said. Finan
Apart from petroleum products, items that drove import growth include transport equipment (31.88 per cent), silver (408 percent), vegetable oil (27.5 per cent) and pulses (181 per cent)
Merchandise imports in the same month rose 7.7 per cent year-on-year to $61.91 billion - widening the trade deficit to $23.78 billion
India has recorded a trade deficit, the difference between imports and exports, with nine of its top 10 trading partners, including China, Russia, Singapore, and Korea, in 2023-24, according to official data. The data also showed that the deficit with China, Russia, Korea, and Hong Kong increased in the last fiscal compared to 2022-23, while the trade gap with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq narrowed. The trade deficit with China rose to USD 85 billion, Russia to USD 57.2 billion, Korea to USD 14.71 billion and Hong Kong to USD 12.2 billion in 2023-24 against USD 83.2 billion, USD 43 billion, USD 14.57 billion and USD 8.38 billion, respectively, in 2022-23. China has emerged as India's largest trading partner with USD 118.4 billion of two-way commerce in 2023-24, edging past the US. The bilateral trade between India and the US stood at USD 118.28 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23. India has a free