Record rise in gold imports, trade deficit at all-time high of $37.84 billion; exports down 4.85%
Import: According to Commerce Ministry data, imports rose 27% year-on-year to a record high of $69.95 billion last month due to higher purchases of vegetable oil, fertilizers, and silver. The highest-ever gold import of $14.8 billion was done during this period, which is 331% higher year-on-year.
Exports of goods from the country contracted 4.85% year-on-year to $32.11 billion in November 2024 after double-digit growth in October, while a record rise in gold imports pushed the trade deficit to an all-time high of $37.84 billion, up 77.56% from a year ago.
Imports rose 27% year-on-year to a record $69.95 billion last month due to higher purchases of vegetable oil, fertilizers, and silver, Commerce Ministry data shows. The highest-ever gold import of $14.8 billion was done during this period, which was 331% higher year on year. Gold worth $3.5 billion had been purchased in November 2023.
Commerce Secretary Sunil Barthwal said the impact of fluctuations in petroleum prices is being seen on exports. Exports of petroleum products fell by about 50% to $3.71 billion last month. However, non-oil exports are still registering good growth.
According to the data, last month the export of services from the country increased to $35.67 billion. In November 2023, it was $28.11 billion. In October 2024, exports of services reached an all-time high of $34.31 billion.
In the current financial year, the country's exports rose by 2.17 percent to $284.31 billion during the April-November period. Imports rose by 8.35 percent to $486.73 billion. The trade deficit, which was $ 170.98 billion in the comparable period a year ago, rose to $202.42 billion during the period under review. Export of petroleum products fell 19 percent to $44.6 billion in the first eight months of this fiscal.
