New Delhi: India’s merchandise exports slipped by 2.83 per cent to $33.90 billion in November while the trade deficit narrowed to $20.58 billion, according to government data.
Imports also fell by 4.33 per cent to $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 $445.15 billion in the eight-month period due to a fall in oil imports. Oil imports dipped to $113.65 billion as against $139.29 billion in April-November 2022-23.
The trade deficit – difference between imports and exports – during the eight-month period was $166.35 billion against $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 $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 per cent to $3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to $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 $28.69 billion, as compared to $26.93 billion in November 2022.
During the eight-month period, these exports stood at USD 220.66 billion as compared to $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.
PTI