India’s overall trade deficit for goods and services in November this year has fallen to $11.11 billion, lower than year-ago and month-ago levels. Moreover, thanks to a recovery in exports, India’s monthly merchandise trade deficit came down to a six-month low of $23.81 billion. Trade deficit is the amount by which a country's import costs exceed its export value in a given period.
November's goods exports stood at $31.99 billion against $29.78 billion in October and $30.04 billion a year ago. The export data is still the lowest since November 2021 due to lower prices and volumes. Also, November goods imports were recorded at $55.88 billion against $56.69 billion a month ago. The number stood at $52.94 billion a year ago.
November goods trade deficit has fallen to $23.81 billion against $26.9 billion in October and $22.9 billion year-on-year (YoY). As per the official data, the November goods deficit is the lowest since May.
Also, the November trade deficit is down on marginal recovery in exports and a fall in services imports. November imports, including services, were down to $65.65 billion as against $73 billion in October and $69.33 billion a year ago. Overall November deficit saw a reduction, with the number standing at $11.11 billion against $14.63 in October. The overall deficit stood at $13.91 billion in November 2021.
