India’s Exports Declined 9% in November, Trade Deficit Narrows to USD 9.96 Billion

While India’s exports declined 9% in November, imports shrank 13.33%. The trade deficit has narrowed to USD 9.96 billion. Drop-in shipment segments such as petroleum products, engineering, and chemicals mainly accounted for a fall in exports.

Data released by the Commerce & Industry Ministry reveals that exports during April-November 2020-21 stood at USD 173.49 billion. This is USD 37.68 billion less than last year during the same period, showing a negative growth of 17.84%. Also, exports of goods decreased by 9% to USD 23.43 billion. Further, imports slipped 13.33% to USD 33.39 billion in the previous month, making India a net importer in November 2020. However, the trade deficit this year stands at USD 9.96 billion as against last year’s USD 12.75 billion. Noting the boosted sentiments of the businesses after the gradual lifting of lockdown, FIEO President S K Saraf expects 2020-21 to end with an overall merchandise export of about USD 290 billion.

Value of Non-Petroleum and Non-Gems and Jewelry Exports Declines 0.59% in November

Exports of petroleum products, leather, cashew, plastic and linoleum, and marine products recorded negative growth in November. Besides, other commodities of which exports saw a negative growth included engineering goods (8.27%), organic and inorganic chemicals (8.09%), coffee (1.27%), and RMG of all textiles (1.20%). On the other hand, exports of oil meals, iron ore, rice, carpet, spices, and pharmaceuticals showed positive growth in November. While tobacco, fruits, and vegetables witnessed a positive growth of 8.64% and 5.33% respectively, exports of tea grew by 5.02%. Except for a slight increase in September, exports from India have been dipping since March 2020 because of the pandemic.

Non-oil and Non-GJ Imports Down by 0.84% in November 2020

Import sectors that reported a negative growth include silver (89.71%), cotton raw and waste (74.09%), newsprint (69.96%), machine tools (26.55%), transport equipment (19.62%), and chemicals (3.23%). On the other hand, import sectors reporting positive growth include vegetable oil (34.02%), fertilizers, crude and manufactured (29.25%), pulses (18.16%), electronic goods (12.25%), and Gold (2.65%).

The five largest destinations for India’s exports in 2020-21 include USA, China, UAE, Hong Kong, and Singapore. Also, China is the largest importer of Indian goods this year, followed by the USA, UAE, and Hong Kong.

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