• Associate Sponsor

Export growth hits 5-month low in Nov; trade deficit narrows

Trade deficit stood at $10.56 billion in October.

Written by Express News Service | New Delhi | Published: December 12, 2013 3:22 am

After witnessing double-digit growth for four months,exports growth slowed down to 5.86 per cent in November due to a decline in shipments of petroleum goods and rough diamonds. However,the trade deficit narrowed during the month as imports hit the lowest level in four years due to a sharp decline in gold import.

The trade deficit narrowed to $9.22 billion during November as imports declined 16.37 per cent during the month,commerce secretary SR Rao said while releasing the trade figures. Trade deficit stood at $10.56 billion in October.

Exports stood at $24.6 billion during the month as against $23.25 billion in the same month last year while imports stood at $33.83 billion,the lowest figure since March 2011.

“Three product categories (petroleum goods,gems and jewellery and pharmaceuticals) have pulled down our exports,” Rao said,adding that these sectors have a major share in the export basket. Rafeeque Ahmed,president,Federation of Indian Export Organisations,said that the single-digit growth does not reflect the true picture of exports as delays at one of the major ports has also contributed to the slowdown in exports.

For all the latest News Archive News, download Indian Express App

  1. No Comments.