India’s trade deficit widened in March as the gap between exports and imports stood at $21.54 billion last month, trade data showed.
India's trade deficit decreased to $21.94 billion in December, driven by an increase in exports and a decline in imports on a sequential basis. In November, the trade deficit stood at $32.84 billion.
In November, the merchandise exports were USD 32.11 Billion as compared to USD 33.75 Billion in November 2023 while the merchandise imports were USD 69.95 Billion as compared to USD 55.06 Billion.
India’s trade deficit eased to $20.78 billion in September as merchandise imports growth slowed to 1.6%, the data issued by the Ministry of Commerce and Industry said.
Merchandise exports during July 2024 were USD 33.98 Billion as compared to USD 34.49 Billion in July 2023 while the imports were USD 57.48 Billion as compared to USD 53.49 Billion.
Outbound shipments in September last year were USD 26.02 billion.
In order to reach the 5-trillion-dollar economy mark as envisaged by Prime Minister Narendra Modi, India must try to bring back the 19-20 per cent export growth.
Addressing the India-Turkey Business Forum here organised by industry chamber Ficci, Prabhu said as part of improving trade relations with Turkey, the Indian Finance Ministry was also looking at a proposal from that country on allowing bilateral trade to be carried out in local currency.
India has often complained to China about less Indian exports due to the strictly-controlled Chinese market.
Apart from global cues, outflow of foreign funds from the Indian equity and bond markets has had an adverse impact on the rupee.
