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November 2020: Exports dip 9%, trade deficit narrows to USD 9.96 billion

India's exports fell 9 percent to USD 23.43 billion in November even as trade deficit narrowed to $9.96 bn according to data released by the Ministry of Finance

Exports dip 9 percent in November; trade deficit narrows to USD 9.96 billion ac to Govt data
Exports dip 9 percent in November; trade deficit narrows to USD 9.96 billion ac to Govt data

New Delhi: India's exports fell 9 percent 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 on Wednesday.
Imports also slipped 13.33 per cent to USD 33.39 billion in the month under review. In November, oil imports dipped 43.34 percent to USD 6.27 billion. It was down by 48.7 percent 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 percent. Merchandise imports during the eight-month period of 2020-21 declined by 33.56 percent to $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 $12.75 billion," it said.

Non-oil imports in November were estimated at $27.12 billion, showing a decline of 1.22 percent over the same month last year. During April-November, it was down by 28 percent to $171.57 billion.

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Major commodities of export that have recorded negative growth during November are petroleum products (61.05 percent), leather (29.80 percent), cashew (24.90 percent), plastic and linoleum (23.34 percent) and marine products (16.11 percent). Engineering goods (8.27 percent), organic and inorganic chemicals (8.09 percent), coffee (1.27 percent), 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 percent), iron ore (68.15 percent), rice (24.41 percent), carpet (15.58 percent), spices (12.12percent) and pharmaceuticals (11.13 percent). Tobacco (8.64 percent), fruits and vegetables (5.33 percent), Tea (5.02 percent), and gems and jewellery (4.11 percent) are the other commodities that saw positive growth.

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