India's merchandise exports rise 26% in Nov; trade deficit at record $23 bn
- In Reports
- 03:09 PM, Dec 02, 2021
- Myind Staff
India’s merchandise exports in November rose by 26.49 per cent to $29.88 billion on account of healthy growth in sectors such as engineering, petroleum, chemicals and marine products, according to provisional data released by the government on Wednesday.
The exports stood at $23.62 billion in November 2020.
Imports in November were at $53.15 billion, an increase of 57.18 per cent over $33.81 billion in the same month of 2020, leaving a record merchandise trade deficit of $23.27 billion in November compared with $10.19 billion a year ago.
“India’s merchandise exports in April-November 2021 was $262.46 billion, an increase of 50.71 per cent over $174.15 billion in April-November 2020 and an increase of 24.29 per cent over $211.17 billion in April-November 2019," the commerce ministry said.
According to data released by the Ministry of Commerce & Industry, the trade deficit during the 8 months of the current fiscal was $121.98 billion. During November, the trade deficit spiked as gold imports grew by 8% to 4.22 billion. The gap between imports and exports was $10.19 billion during November 2020. The previous record for trade deficit was set in November 2012 at $20.2 billion.
Imports in April-November 2021 grew by 75.39 per cent to $384.44 billion.
As per the data, the trade deficit in November more than doubled to $23.27 billion as gold imports grew by about 8 per cent to $4.22 billion.
Outward shipments of engineering goods, which accounted for 28.19 per cent of total exports in November, jumped about 37 per cent year-on-year to $8 billion.
Exports of petroleum products soared 145.3 per cent on an annual basis to $3.82 billion. However, the outbound shipments of gems and jewellery dipped by 11 per cent to $2.4 billion during the month.
On the imports front, the inbound shipments of 'petroleum, crude and products' surged 132.44 per cent to $14.68 billion in November.
Imports of 'coal, coke and briquettes' climbed 135.81 per cent in November this year to $3.58 billion. The updated trade data will be released later in the month.
Image Courtesy: business standard
Comments