Trade Deficit Narrows To $9.96 Billion As Exports Dip 9% In November : Government Data

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India’s exports fell 9 per cent to USD 23.43 billion in November due to a drop in shipments of segments such as petroleum products, engineering and chemicals, even as the trade deficit narrowed to USD 9.96 billion during the month, according to official data released . Imports also slipped 13.33 per cent to USD 33.39 billion in the month under review.

In November, oil imports dipped 43.34 per cent to USD 6.27 billion. It was down by 48.7 per cent to USD 44.10 billion during April-November 2020, the data showed. Exports during April-November 2020 were USD 173.49 billion, compared with USD 211.17 billion during the corresponding period a year ago, exhibiting a negative growth of 17.84 per cent.

Merchandise imports during the eight month period of 2020-21 declined by 33.56 per cent to USD 215.67 billion. “India was thus a net importer in November 2020, with a trade deficit of USD 9.96 billion, as compared to a trade deficit of USD 12.75 billion,” it said.

Non-oil imports in November were estimated at USD 27.12 billion, showing a decline of 1.22 per cent over the same month last year. During April-November, it was down by 28 per cent to USD 171.57 billion. Major commodities of export that have recorded negative growth during November are petroleum products (61.05 per cent), leather (29.80 per cent), cashew (24.90 per cent), plastic and linoleum (23.34per cent) and marine products (16.11 per cent).

Engineering goods (8.27per cent), organic and inorganic chemicals (8.09per cent), coffee (1.27per cent), and RMG of all textiles (1.20 per cent) are the other commodities that saw negative growth. Products that recorded positive growth during November include oil meals (70.54 per cent), iron ore (68.15 per cent), rice (24.41 per cent), carpet (15.58 per cent), spices (12.12per cent) and pharmaceuticals (11.13 per cent).

Tobacco (8.64 per cent), fruits and vegetables (5.33 per cent), Tea (5.02 per cent), and gems and jewellery (4.11 per cent) are the other commodities that saw positive growth.