December 11, 2013 / 6:17 AM / 4 years ago

CORRECTED-India's Nov trade deficit narrows on falling gold, oil imports

(Corrects import milestone in first paragraph)

NEW DELHI, Dec 11 (Reuters) - India’s trade deficit narrowed in November as exports rose, while imports hit the lowest level in more than two-and-a-half years after gold shipments from overseas fell sharply, according to the trade ministry on Wednesday.

Last month’s deficit stood at $9.22 billion, the trade ministry said, compared with $10.56 billion in October - a traditional gold buying season. The deficit had previously narrowed to a two-and-a-half-year low in September.

Merchandise exports rose by 5.86 percent year-on-year in November to $24.6 billion.

Imports fell by 16.37 percent year-on-year to $33.83 billion. Gold and silver imports slumped 80.49 percent to $1.05 billion in November compared to a year earlier.

Gold purchases have been hit this year after India took steps to curb imports of the yellow metal, including imposing a record 10 percent import duty and requiring that 20 percent of imports be re-exported. (Reporting By Shyamantha Asokan; Editing by Rafael Nam)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below