The GST Council's recent efforts to resolve exporter's woes on refunds have
started paying dividends as the country's exports grew by over thirty per cent
in November, a month after it contracted to nearly one per cent. Petroleum
products along with engineering goods, gems and jewellery and chemicals constituted
nearly eighty per cent or the rise in merchandise exports during last month.
The Trade deficit narrowed marginally to 13.82 billion US Dollars in
November, even as merchandise exports rose 30.55 per cent and gold imports saw
a sharp drop. The trade deficit had widened to a near three-year high of 14.02
billion US dollars in October. It had been lower, at around 13.39 billion US
dollars, in November 2016.
Data released by the Commerce Ministry on December fifteenth showed that
merchandise exports rose 26.19 billion US Dollars in November this year,
compared to 20 billion US Dollars in November 2016.
Oil imports jumped up by 39.14 per cent to 9.55 billion US Dollars,
compared to 6.8 billion US Dollars in November last year.
Significantly, gold imports fell by 25.96 per cent in November to 3.26
billion US Dollars, compared to 4.41 billion US Dollars a year ago.
A seasonal decline in gold imports and completion of export orders prior to
the quarter-end are likely to soften the merchandise trade deficit in December
2017, relative to the levels seen in the previous two months. On Cumulative
basis, trade deficit for April-November 2017 is estimated at 60.92 billion US
dollars, compared to 30.09 billion US Dollars during the same period last year.