Trade in November: Exports dip by 2.83%, imports down 4.33%
What's the story
India saw a decrease in its merchandise trade deficit to $20.58 billion in November. This drop is mainly due to a 4.3% drop in imports, which amounted to $54.48 billion compared to last year's $56.95 billion during the same month. Exports saw a smaller decline of 2.8%, totaling $33.90 billion, down from $34.89 billion in November last year.
Details
Exports and imports performance from April to November
From April to November of the current fiscal year, exports saw a 6.51% decrease, reaching $278.8 billion. Imports faced an 8.67% downturn, amounting to $445.15 billion over the eight-month span. Commerce Secretary Sunil Barthwal remains optimistic about India's export performance, emphasizing its resilience despite the global economic slowdown. In October, merchandise exports saw a significant increase of 6.21%, hitting $33.57 billion.
What Next?
Challenges and outlook for India's export sector
The export sector is currently dealing with challenges rooted in the geopolitical landscape. Factors like high inflation, the economic slowdown in advanced economies, the Russia-Ukraine conflict, China-US relations, and the ongoing Israel-Palestine conflict contribute to these challenges. Despite these obstacles, Barthwal is hopeful about surpassing last year's figures, stating, "The positive growth is there despite a fall in commodity prices but we are waiting and watching" the global situation.