Gold imports jump nearly seven-times to US$ 5.6 billion in November 2014
India's merchandise export rebounded 7.3% to US$ 25.96 billion in November 2014 over a year ago, snapping 5% fall in the previous month. Meanwhile, merchandise imports surged at three-year high pace of 26.8% to US$ 42.822 billion in November 2014. Thus, the trade deficit spurt to 18-months high of US$ 16.86 billion in November 2014 from US$ 9.57 billion in November 2013 and US$ 13.58 billion in October 2014.The surge in merchandise imports was supported by a nearly seven-fold jump in gold import to US$ 5.61 billion, while silver imports also galloped 144% to US$ 0.64 billion in November 2014 over a year ago. Imports surged for electronic goods by 29.4% to US$ 3.08 billion, fertilizer by 137% to US$ 1.10 billion, iron and steel 62.8% to US$ 1.4 billion, coal by 44.6% to US$ 1.85 billion, pearls & precious stones by 36.6% to US$ 2.11 billion, and machinery 20.3% to US$ 2.54 billion. Imports of transport equipment at 23% to US$ 2.06 billion and chemicals at 16.5% to US$ 1.61 billion also exhibited healthy growth in November 2014. However, oil imports declined 9.7% to US$ 11.72 billion, while that of metaliferrous ores & other minerals also fell 37.1% to US$ 0.83 billion in November 2014.
Oil imports share in total imports eased to 37-months low of 27.4% in November 2014. India's basket of crude oil slipped 27.8% to US$ 77.58 per barrel in November 2014 over November 2013.
Exports rose in November 2014 over November 2013, mainly driven by a 30.6% jump in exports of engineering goods to US$ 6.63 billion. Exports of gems and jewellery also surged 44.3% to US$ 3.98 billion, drugs & pharmaceuticals 9.3% to US$ 1.22 billion, ready made garments 17.2% to US$ 1.20 billion, rice 30.7% to US$ 0.65 billion, and chemical products 15.8% to US$ 1.03 billion. However, the exports declined for petroleum products 14.2% to US$ 4.16 billion, electronic goods 33.7% to US$ 0.52 billion, and oil meals 62.6% to US$ 0.14 billion in November 2014.
Merchandise exports in rupee terms increased 5.7% to Rs 160188 crore, while snapping decline of last three sequential months, while imports shot up 24.9% to Rs 264227 crore in November 2014 over November 2013. The trade deficit moved up to Rs 104040 crore in November 2014 compared with Rs 59947 crore in November 2013.
India's merchandise export increased 5% to US$ 215.76 billion, while merchandise imports rose 4.6% to US$ 316.37 billion in April-November 2014 over a year ago. Non-oil imports increased 8.1% to US$ 209.815 billion. India's merchandise trade deficit increased to US$ 100.62 billion in April-November 2014 from US$ 96.89 billion in April-November 2013. Trade deficit as a percentage of GDP was lower at 4.8% in April-November 2014 compared to 5% in April-November 2013.
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