India's trade deficit narrows to five-month low as exports to US pick up
By Shivangi Acharya
NEW DELHI, Dec 15 (Reuters) - India's merchandise trade deficit declined to five-month low of $24.53 billion in November, driven by a fall in gold, oil and coal imports, while exports to the U.S. picked up, government export and import data released on Monday showed.
Indian merchandise exports to the U.S. rose nearly 10% month-on-month to $6.92 billion in November, the data showed.
Economists had expected the November trade deficit to be $32 billion, according to a Reuters poll, compared to a record deficit of $41.68 billion in the previous month.
"India has held fort on the U.S. exports despite tariffs," Rajesh Agrawal, India's commerce secretary told reporters, adding that the decline in imports was due to a fall in gold, oil and coal imports.
Overall merchandise exports rose to $38.13 billion in November from $34.38 billion in October, while imports fell to $62.66 billion from $76.06 billion.
EXPORTS TO US
Indian exports to the U.S. rose over 21% year-on-year in November, compared to $5.71 billion a year earlier.
In October, exports to the U.S. fell nearly 9% year-on-year to $6.31 billion from $6.91 billion a year ago, though they were higher than $5.47 billion in September.
Indian Prime Minister Narendra Modi's administration has rolled out measures including consumer tax cuts, an export promotion package and labour reforms to cushion the economy from the impact of steep U.S. tariffs.
Modi spoke with U.S. President Donald Trump last week following a U.S. trade delegation's visit as New Delhi seeks relief on key export lines.
Washington is pushing India to lower tariffs and non-tariff barriers on U.S. goods and open its market to American farm products, including soybean and grain sorghum.
The government data showed November services exports are estimated at $35.86 billion and imports at $17.96 billion, suggesting a services trade surplus at $17.9 billion, according to Reuters calculation.
India's central bank releases detailed monthly services trade data about two weeks after the government's initial estimates.
India trade deficit at five month low in November
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