India's Trade Tugs: A Gold-Driven Deficit Surge

In November, India's exports fell by 4.85% to USD 32.11 billion, while the trade deficit hit a record USD 37.84 billion, driven by significant gold imports. The commerce ministry reported a 27% increase in imports, particularly vegetable oil, fertilizer, and silver. Efforts are underway to boost exports.

India's exports experienced a contraction of 4.85% year-on-year in November, reaching USD 32.11 billion amidst a widening trade deficit of USD 37.84 billion, attributed to a surge in gold imports.

The commerce ministry data indicates a 27% year-on-year rise in imports to USD 69.95 billion, spurred by increased shipments of vegetable oil, fertilizer, and silver.

Despite a decline in petroleum exports, non-oil exports remain strong, contributing to optimism about achieving USD 800 billion total exports by fiscal year's end. The focus is increasingly on expanding into 20 countries with a meeting planned to enhance export strategies.

(With inputs from agencies.)