Newly released government data indicates a significant shift in India’s trade dynamics, as merchandise exports for November fell by 4.85% to USD 32.11 billion, a decrease from the USD 33.75 billion reported a year earlier.
The import sector, in contrast, experienced a notable increase, rising by 27% to USD 69.95 billion compared to November of the previous year, which recorded USD 55.06 billion.
This divergence has markedly widened India’s trade deficit to USD 37.84 billion. Despite October’s robust export growth of 17.25%, the period from April to November shows only marginal gains, with exports up by 2.17% and imports by 8.35%.