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India’s November trade deficit narrows to $16.67 billion

New Delhi: India’s November trade deficit narrowed to $16.67 billion due to a fall in gold imports, the country’s trade ministry said in a statement.

In October, the trade deficit was at $17.13 billion.

India’s gold imports fell 15.59 percent to $2.76 billion in November, data showed.

The country’s oil imports, however, increased in November to $13.49 billion, up 41.3 percent from a year earlier, the data showed.

India, the world’s third-biggest crude importer, buys over 80 percent of its oil from overseas markets.