India's November trade deficit 7.9% lower than the previous month.

MUMBAI: India's trade deficit for November 2012 at $19.3 billion was 7.9 per cent lower than the previous month. It declined primarily because of both lower oil and non-oil import bill. Exports continue to suffer due to weak global demand.

 Exports for November valued at $22.3 billion were 4.17 per cent lower than exports recorded in November

2011. Exports are expected to remain weak due to tepid global demand and import demand is likely to weaken in line with decelerating domestic growth. As a consequence trade deficit in FY13 is expected to be lower than last fiscal, according to the latest CrisilBSE 1.93 % Research report .

Exports remained under stress in November 2012 due to subdued demand in the major markets of the west. Exports declined by 4.07 per cent in November 2012 from the previous month. The cumulative value of exports for April-November 2012 stood at $189.2 billion, a contraction of 5.9 per cent from the same period last year.

After increasing consecutively for two months, imports declined in November 2012 and stood at $41.6 billion. However, it recorded an increase of 6.3 per cent as compared to November 2011. For the April-November 2012 period imports stood at $ 318.7 billion as compared to $ 323.8 billion (a decline of 1.58 per cent) during same period last year.

At $14.5 billion, oil imports in November 2012 were 1.8 per cent lower than the previous month but 16.7 per cent higher than November 2011 ($12.4 billion). Cumulatively, oil imports for April-November 2012 at $110.1 billion were 10.8 per cent higher than the same period last year.

Non-oil imports in November valued at $ 27.1 billion registered a decline of 8.1 per cent from previous month. For April- November, the cumulative non-oil imports were valued at $ 208.63 billion, 7.07 per cent lower than the non-oil imports of the same period last year.

Source : economictimes.indiatimes.com