GUWAHATI: India’s merchandise imports surged to a record $70 billion for the month of November, according to data from the Ministry of Commerce and Industry (MOCI).
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The rise in imports reflects a 27% year-on-year jump, coupled with a 4.83% decline in exports to $32.11 billion. The situation has pushed the country’s trade deficit to an all-time high of $37.84 billion.
This marks the third time in four months that India’s import bill has reached record levels, with November's figure surpassing earlier peaks. Imports earlier stood at $64.34 billion in August and $66.34 billion in October. The November deficit is 77.5% higher than the $21.31 billion gap recorded in the same month last year, highlighting the widening imbalance in India’s trade.
Commerce Secretary Sunil Barthwal explained that the decline in exports was largely driven by a steep fall in petroleum product prices, which impacted the value of India’s oil exports. While petroleum exports dropped 49% in November, export volumes for these products increased by 9.6% between April and October, underscoring the role of lower oil prices in the export decline.
Non-petroleum exports offered some relief, rising 7.8% in November to $28.4 billion. For the April-November period, these exports grew 7.4% to $239.7 billion, suggesting resilience in non-oil sectors.
Despite November’s setback, Barthwal expressed optimism, citing strong non-petroleum and services exports as key drivers for achieving the government’s target of surpassing $800 billion in total exports for 2024-25.