Graphic by Ajay Negi/Mint
Graphic by Ajay Negi/Mint

Non-oil, non-gold imports plunge, raising doubts about economic recovery

Non-oil, non-gold imports fall below $20 billion for the first time in at least 19 months

Exports and imports both fell sharply in November by 24.4% and 30%, respectively. Part of this could be owing to falling prices of commodities, especially that of crude oil and related products.

But even if adjusted for petroleum products, overall exports fell to $17.85 billion in November. Similarly, non-oil, non-gold imports fell to $19.82 billion; it has gone below $20 billion for the first time in at least 19 months. The fall in imports was uniform. Imports decline in project goods, transport equipment, machine tools and machinery was as much as 46% in some categories.

Clearly, investment demand recovery is far away.

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