Trade Deficit Widened to an All Time High

India has recorded merchandise trade deficit of $23.27 billion in November 2021 led by a jump in crude oil and gold imports, compared to $10.19 billion in November 2020, official data said.

As per preliminary data, the trade deficit has widened to an all-time high of $ 23.27 billion as gold imports grew by about 8 per cent to $4.22 billion.
The gap between imports and exports totalled $10.19 billion during November 2020. While, the previous record for the trade gap was $20.2 billion in October 2012.

However, the country’s merchandise exports rose 26.49 per cent on year-on-year basis to $29.88 billion in November 2021 on better performance by key sectors like engineering, petroleum, chemicals and marine products, the data showed. The exports had stood at $23.62 billion in November 2020.

Further, imports in November 2021 stood at $53.15 billion, an increase of 57.18 per cent over $33.81 billion recorded in November 2020.

“India’s merchandise exports in April-November 2021 was $262.46 billion, an increase of 50.71 per cent over $174.15 billion in April-November 2020 and an increase of 24.29 per cent over $211.17 billion in April-November 2019,” the commerce ministry said.
In April-November 2021 imports have raised by 75.39 per cent to $384.44 billion, while trade deficit stood at $121.98 billion during the eight-month period of the current financial year.

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