India’s trade deficit hits all-time high of $37.84 billion in November, gold imports at record high of $14.8 billion

India’s merchandise exports in November dipped by 4.85 percent to $32.11 billion against $33.75 billion a year ago, according to government data released on December 16. Imports increased by 27 percent to $69.95 billion in November compared to $55.06 billion in the year-ago month. 

Gold imports in November reached an all-time high of $14.8 billion. 

The trade deficit, or the gap between imports and exports, widened to $37.84 billion during the month under review attributable to burgeoning imports relative to exports. Reportedly, this is the highest monthly trade deficit by far.

During April-November this fiscal, exports increased by 2.17 per cent to $284.31 billion and imports by 8.35 percent to $486.73 billion. 

The country’s merchandise exports had increased by 17.25 percent to $39.2 billion in October this year.

India’s merchandise exports in November were at $32.11 billion whereas the merchandise imports were to the tune of $69.95 billion, commerce ministry data released on December 16 showed. 

India’s merchandise exports so far this year – April-November – were 2.2 perpent higher at 284.31 billion versus $278.26 billion a year ago period. 

India’s overall exports, merchandise and services combined, in November were to the tune of $67.79 billion, a 9.6 rise on a yearly basis, the commerce ministry data showed today. Same month last year it was $61.85 billion. 

Exports of merchandise goods, however, declined from $33.75 billion to $32.11 billion and exports of services rose from $28.11 billion to $35.67 billion during the month. 

So far in 2024-25, April-November, India’s total exports now stood at around $536.25 billion, up 7.6 percent year-on-year versus $498.33 billion year ago period. The government has expressed optimism about reaching its full-year target of $800 billion. 

The country’s imports too increased year-on-year in November, data showed. The same was the case in September and October. The overall imports, both merchandise and services combined, increased from $68.74 billion to $87.63 billion. 

Trade deficit, meaning the difference between the exports and the imports, it widened from $66.91 billion to $82.95 billion so far in 2024-25. 

In the previous financial year 2023-24, India registered record exports at $778 billion. In 2022-23, the country exported goods and services combined at $776.3 billion. 

In break up, services exports rose from $325.3 billion to $341.1 billion in 2023-24. Merchandise exports though marginally declined from $451.1 billion to $437.1 billion. 

Overall trade deficit significantly improved from $121.6 billion in 2022-2 to $75.6 billion in 2023-24. 

Among various steps the government took was to launch a Production Linked Incentive (PLI) scheme in varied sectors, including electronic goods to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends.