New Delhi: Merchandise exports from India slipped by 2.83% in November. The total exports in last month stood at $33.90 billion. Imports also fell by 4.33% to $54.48 billion in November. Data released by Union Commerce ministry revealed this.
The trade deficit narrowed to $20.58 billion. Trade deficit is the difference between imports and exports.
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As per data, the country’s merchandise exports in April-November FY2023-24 contracted by 6.51% to $278.8 billion. Imports were also down by 8.67% to $445.15 billion in the eight-month period. This was due to a fall in oil imports. Oil imports dipped to $113.65 billion. It was at $139.29 billion in April-November 2022-23. The trade deficit during the eight-month period was $166.35 billion against $189.21 billion in the corresponding period last year.
All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, gems and jewellery, chemicals, garments, and engineering goods. Sectors which registered positive growth include electronics, iron ore, and pharma. The other import segments whose inbound shipments are contracted include coal, coke; pearls, precious and semi-precious stones; and fertiliser.
However, gold imports increased by 21% to $32.93 billion. Electronic goods’ imports have risen to $57.83 billion during April-November 2023-24 against $51.89 billion in the same period last year. The gold imports in November rose by 6.24% to $3.44 billion. Oil imports during the month, however, dipped by 8.47% to $14.93 billion.
According to the data, the estimated value of services export for November is $28.69 billion, as compared to $26.93 billion in November 2022. During the eight-month period, these exports stood at $220.66 billion as compared to $208.30 billion in April-November 2022.
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