NEW DELHI: India's merchandise trade deficit widened to a record $37.84 billion in November, driven primarily by surging gold imports and falling exports, a trend experts said threatens to add pressure on the rupee which is already strained by three months of portfolio outflows.
Trade deficit in October stood at $27.1 billion and experts polled by news agencies Reuters and Bloomberg had estimated November's figure to be around $23 billion. The rupee closed at a record low on Monday, falling 0.1% to 84.8712 per dollar.
Overall, the data released on Monday showed, goods exports in November declined 4.85% to $32.11 billion from $33.75 billion a year ago. Imports, however, surged by 27% to $69.95 billion compared to $55.06 billion in November 2023, mainly due to record gold imports.
Gold imports jumped a staggering 332% to $14.86 billion in November 2024 compared to $3.44 billion in the same period last year.
This surge came despite a 26.26% fall in gems and jewellery exports to $2.06 billion, suggesting gold imports were mainly for domestic consumption rather than value addition for exports, according to an expert who requested anonymity.
This story is from the December 18, 2024 edition of Hindustan Times East UP.
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This story is from the December 18, 2024 edition of Hindustan Times East UP.
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