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Rediff.com  » Business » November trade deficit narrows on falling gold, oil imports

November trade deficit narrows on falling gold, oil imports

December 11, 2013 12:08 IST

DeficitIndia's trade deficit narrowed in November as exports rose, while imports hit the lowest level in four years after gold shipments from overseas fell sharply, according to the trade ministry on Wednesday.

Last month's deficit stood at $9.22 billion, the trade ministry said, compared with $10.56 billion in October -- a traditional gold buying season.

The deficit had previously narrowed to a two-and-a-half-year low in September.

Merchandise exports rose by 5.86 percent year-on-year in November to $24.6 billion.

Imports fell by 16.37 per cent year-on-year to $33.83 billion.

Gold and silver imports slumped 80.49 per cent to $1.05 billion in November compared to a year earlier.

Gold purchases have been hit this year after India took steps to curb imports of the yellow metal, including imposing a record 10 percent import duty and requiring that 20 per cent of imports be re-exported.

Shyamantha Asokan in New Delhi
Source:
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Tags: India