India's trade deficit shrank to $24.5B last month
What's the story
India's merchandise trade deficit has sharply narrowed to $24.53 billion in November, a significant drop from the record high of $41.68 billion in October. The decline is primarily attributed to a decrease in gold, oil, and coal imports during the month under review, government data released today showed. The figure also came well below economists' expectations of a trade deficit of $32 billion for November, according to a Reuters poll.
Economics
A look at the exports and imports
Outbound shipments in November offset the losses made in October, as per Commerce Secretary Rajesh Agrawal. He claimed the $38.13 billion in exports last month is the highest in the last decade. Exports during April-November were cumulatively up 2.62% to $292.07 billion, while the imports during the same eight months jumped by 5.59% to $515.21 billion.
Trade talks
US-India trade negotiations
The US is pressing India to cut tariffs and non-tariff barriers on American goods. The demands includes opening up the Indian market to US agricultural products such as soybeans and grain sorghum. These negotiations are part of the broader trade relationship between the two countries, which has seen its fair share of challenges in recent months.