November trade deficit falls to $9.22 billion

Posted By:

November trade deficit falls to $9.22 billion
A sharp fall in imports helped the November trade deficit to fall to $9.22 billion as against $10.56 billion in the month of October.

Sharp reduction in imports, which dropped by 16.57 per cent helped to reduce the trade deficit. Imports were placed at $33.83 billion as against $37.83 in the previous monnth of October.

Imports were the lowest since March 2011.

India's exports on the other hand rose to $24.61 billion for the month of November.

The Trade Secretary was quoted as saying that India was facing a lot of protectionism from Latin American countries.

India's rising trade deficit in the last few months was a cause of concern and also responsible for putting pressure on the Indian currency, which hit a lifetime low of 68.81 against the dollar earlier this year.

However, the government stepped in to unleash a series of measures which prompted a recovery in the rupee. One of the key measures were restriction on gold imports.

The Indian rupee was last trading at 61.29, a drop of around 25 paise over Tuesday's close, following the release of trade data. The rupee is expected to remain steady in trade in the next few days.

Read more about: trade deficit, imports, exports
Story first published: Wednesday, December 11, 2013, 11:28 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?