Trade Data: Gap between imports and exports at record high in November

The gap between what India gets from selling it's exports and what we pay for our imports widened to a record high in November as imports surged while exports fell to a 9-month low. India's trade deficit swelled to an all-time high of $23.27 billion in November. Here is what you need to know about India's trade gap-:

The export explanation

• Exports fell to a 9-month low clocking in at $30 billion
• In October, exports had clocked a record high of $35.47 billion
• Rising covid-19 cases in Europe and delayed shipments hit exports

The import imbalance

• Imports up 57% vs last year, up only 2% vs October
• November Imports at $53.15 bn vs $55.37 bn in Oct
• Surge in mports spike led by commodities: crude, coal, chemicals, edible oil
• Oil imports up 132% at $14.6 billion

Also read/watch: India maintains status as fastest growing economy: GDP grows at 8.4% in Q2

Even though exports are under pressure and imports are surging due to the economic re-opening in India, experts are not to worried about the trade gap which most believe will shrink early next year.