India’s trade deficit narrows to $24.53 bn in November from $41.68 bn in October

India’s merchandise trade deficit narrowed to 24.53 billion in November from $41.68 billion in October, driven by a fall in gold, oil and coal imports, government export and import data released on Monday 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.

The central government 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.
PM Modi spoke with US President Donald Trump last week following a US trade delegation’s visit as New Delhi seeks relief on key export lines.

Meanwhile, Washington is pushing India to lower tariffs and non-tariff barriers on US goods and open its market to American farm products, including soybean and grain sorghum.