Trade deficit widens to USD16.8 billion; gold imports surge six-fold

New Delhi: India's trade deficit widened to one-and-a-half year high of USD 16.86 billion in November due to over six-fold jump in gold imports even as merchandise exports grew by 7.27 per cent. Trade deficit in November last year was USD 9.57 billion. Gold imports stood at USD 5.61 billion in November this year as against USD 835.83 million in the corresponding month in 2013, according to the data released by the Commerce Ministry.     

Total imports in November, including oil, jumped by 26.79 per cent to USD 42.82 billion. Oil imports dipped by 9.7 per cent to USD 11.71 billion. Non-oil imports, however, grew by 49.6 per cent to USD 31.10  billion. Merchandise exports grew to USD 25.96 billion after recording a contraction in October.    

During April-November, imports were up 4.65 per cent to USD 316.37 billion, while exports were up 5.02 per cent to USD 215.75 billion. Trade deficit during this period stood at USD 100.61 billion as against USD 96.89 billion in the same period last fiscal.