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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 3:22:44 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.

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