India clocked a record product trade deficit of $23.27 billion in November 2021India clocked a record merchandise trade deficit of $23.27 billion in November 2021 as crude oil and gold imports saw a jump, compared to $10.19 billion in November 2020, official information said.As per initial information launched by the federal government on Wednesday, the trade deficit expanded to an all-time high of $ 23.27 billion as gold imports grew by about 8 percent to $4.22 billion.The gap in between imports and exports totalled $10.19 billion during November 2020.
The previous record for the trade space was $20.2 billion in October 2012.
The country's merchandise exports rose 26.49 percent on year-on-year basis to $29.88 billion in November 2021 on much better performance by crucial sectors like engineering, petroleum, chemicals and marine products, the information showed.
The exports had stood at $23.62 billion in November 2020.
On the other hand, imports in November 2021 stood at $53.15 billion, an increase of 57.18 percent over $33.81 billion taped in November 2020.
India's merchandise exports in April-November 2021 was $262.46 billion, an increase of 50.71 per cent over $174.15 billion in April-November 2020 and a boost of 24.29 percent over $211.17 billion in April-November 2019, the commerce ministry said.Imports in April-November 2021 grew by 75.39 per cent to $384.44 billion, while trade deficit stood at $121.98 billion during the eight-month period of the existing fiscal year.