India’s merchandise trade deficit narrowed to $20.58 billion in November from $31.46 billion in October, .
A poll of economists by Reuters had forecast the number at $20.50 billion.
India’s merchandise trade deficit in November 2022 stood at $32 billion.
India’s exports declined by 2.8 per cent to $33.90 billion in November this year, as against 34.89 billion a year ago, government data showed.
Imports slipped to $54.48 billion in November, as against $55.8 billion in November 2022.
During the first eight months of this fiscal year that started April 1, exports fell 6.51 per cent to $278.8 billion as compared with year-earlier period.
Imports during April to November dipped 8.67 per cent to $445.15 billion.
All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, gems and jewellery, chemicals, garments, and engineering goods.
Sectors which registered positive growth include electronics, iron ore, and pharma.
The other import segments whose inbound shipments are contracted include coal, coke; pearls, precious and semi-precious stones; and fertiliser.
However, gold imports increased by 21 per cent to USD 32.93 billion. Electronic goods’ imports have risen to USD 57.83 billion during April-November 2023-24 against USD 51.89 billion in the same period last year.
The gold imports in November rose by 6.24 per cent to USD 3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to USD 14.93 billion.
The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023.
According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.