India’s Merchandise Exports Drop 4.83% to 25-Month Low

• India’s merchandise exports fell 4.83% in November to a 25-month low of $32.11 billion.

• The import bill jumped 27% to a fresh all-time high of almost $70 billion, putting October’s record tally of $66.34 billion in the shade.

• The trade deficit soared to a fresh all-time high of $37.84 billion, reflecting a 77.5% spike over the deficit recorded in November 2023.

• Gold imports fuelled the import spike, reaching a fresh peak of $14.9 billion.

• Commerce Secretary Sunil Barthwal attributed the dip in merchandise exports to an “unprecedented” fall in petroleum product prices.

• Non-petroleum products exports were up 7.8% in November to reach $28.4 billion, while they have risen 7.4% between April and November this year.

• Services exports hit an all-time high of $34.3 billion in October, and the Ministry reckons they may have surged further to a record $35.7 billion in November.