Context:
India’s merchandise exports fell 4.83% in November to a 25-month low of $32.11 billion.
Key Highlights:
- The import bill jumped 27% to a fresh all-time high of nearly $70 billion, making October’s record tally of $66.34 billion look bleak.
- Trade deficit surged to a record all-time high of $37.84 billion, representing a 77.5% rise compared to the deficit in November 2023.
- Gold import increased the spurt in import. The fresh peak on gold import reached $14.9 billion.
- Petroleum exports declined 49.6% to $3.7 billion. Gems and jewellery fell by 26% to $2.06 billion.
Key Terms:
Merchandise export is the sale of physical goods from one country to another.
A trade deficit occurs when a country imports more goods and services than it exports, resulting in a surplus outflow of a country’s currency in
