India's Exports Dip 2.83% To $33.9 Bn In Nov; Trade Deficit Narrows To $20.58 Bn: Govt Data

India’s merchandise exports slipped by 2.83 per cent to USD 33.90 billion in November while the trade deficit narrowed to USD 20.58 billion, according to government data.

Imports also fell by 4.33 per cent to USD 54.48 billion in November, the data released by the commerce ministry on Friday showed.

Cumulatively, the country’s merchandise exports in April-November FY2023-24 contracted by 6.51 per cent to USD 278.8 billion.

Imports were also down by 8.67 per cent to USD 445.15 billion in the eight-month period due to a fall in oil imports. Oil imports dipped to USD 113.65 billion as against USD 139.29 billion in April-November 2022-23.

The trade deficit – difference between imports and exports – during the eight-month period was USD 166.35 billion against USD 189.21 billion in the corresponding period last year.

Briefing reporters here, Commerce Secretary Sunil Barthwal said that given the global situation, India’s export numbers are good.

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 per cent to USD 32.93 billion. Electronic goods’ imports have risen to USD 57.83 billion during April-November 2023-24 against USD 51.89 billion in the same period last year.

The gold imports in November rose by 6.24 per cent to USD 3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to USD 14.93 billion.

Barthwal said the global trade is suffering but, “we are holding the fort”.

He added that GDP growth of many countries are “not so high”, interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, “we are doing well”.

Exports in October had grew by 6.21 per cent.

According to the data, the estimated value of services export for November is USD 28.69 billion, as compared to USD 26.93 billion in November 2022.

During the eight-month period, these exports stood at USD 220.66 billion as compared to USD 208.30 billion in April-November 2022.

The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023.

According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.