Reduction in oil import bill narrows down India's trade deficit in Nov
The reduction in oil import bill resulted in narrowing of India's trade deficit in Novermber as compared to October, said Prabhudas Lilladher Pvt Ltd.The trade deficit narrowed month-on-month (MoM) in November to $23.89 billion as against $27.58 billion in October, while up only 13 per cent year-on-year (YoY), said Amnish Aggarwal, Head-Research, Prabhudas Lilladher.According to Aggarwal, the dip was largely on account of decline in imports led by sequential decline in oil imports from $18.2 billion to $15.7 billion.On a YoY basis, imports grew by 5 per cent while exports remained flattish.India's exports exhibited a positive YoY growth in 15 out of 30 sectors in November and imports surged in 19 out of 30 sectors YoY.In the exports category, electronic goods (54.48 per cent), rice (19.16 per cent), ceramic products & glassware (22.64 per cent), fruits and vegetables (25.01 per cent), cereal preparations & miscellaneous processed (22.75 per cent), other cereals (53.78 per cent), oil seeds (38.83 per cent), oil meals (17.55 per cent), tobacco (101.02 per cent), and tea (27.03 per cent) recorded positive growth.