A 30.55% increase in exports in November narrowed India’s trade deficit to $13.83 billion (Rs 88,583 crore approximately) from $14.02 billion (Rs 89,800 crore) in October, data released by the Ministry of Commerce and Industry on Friday showed. The trade deficit narrowed on a month-to-month basis, but widened as compared to November 2016 when it was at $13.40 billion (Rs 85,887 crore approximately).
Exports of engineering goods (43.76%), petroleum products (47.68%), and gems and jewellery (32.69%) grew when compared to the same period in 2016. Similarly, non-petroleum and non-jewellery exports rose 27.43% to $19247.56 million (Rs 1.23 lakh crore) in November 2017 as against $15104.42 million (Rs 96,743 crore) in November 2016.
The value of imports in November was 19.61% higher in terms of the US dollar compared to imports in the same period in 2016. The import of crude and products, electronic goods, precious and semi-precious stones and machinery went up, the government said. Gold imports, however, dropped by 25.96%.