India's trade deficit narrows to $21.94 bn in December from November's $32.84 billion
trade deficit narrows to $21.94 bn in December from November's revised $32.84 billion. December's goods exports were down 0.99% on year at $38.01 billion.
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The government revised November's data, slashing gold import estimates by a record $5 billion, reducing it from $14.86 billion to $9.84 billion.
The government had earlier reported in December last year that India’s trade deficit widened to an all-time high of $37.84 billion but the number was revised to $32.84 billion after the gold imports revision.
India’s trade deficit will remain in focus in the next few months as US President-elect Donald Trump takes office on January 20. He is planning to create a new department called the External Revenue Service «to collect tariffs, duties, and all revenue» from foreign sources.
He has warned of 100 per cent tariffs on BRICS nations — a bloc including India and China — if they create a rival to the US dollar.
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