India's November merchandise exports decreased by 2.83% from the same month the previous year
In November 2023, India's merchandise exports fell to $33.90 billion from $34.89 billion in the same month the previous year, a decline of 2.83%. The Commerce Ministry revealed official figures showing a good trend in the trade imbalance, which narrowed to $20.58 billion.
Decline in Imports by 4.33%
The decline in imports, which totaled $54.48 billion in November 2023, was equal to the decline in exports, falling by 4.33%. The overall goods trade scenario for April through November of 2023 showed a 6.51% decline in exports, or $278.80 billion.
During the same year, imports were $445.15 billion, an 8.67% decrease. The primary reason for the dip in imports was the significant drop in oil imports, which decreased from $139.29 billion in April-November 2022–23 to $113.65 billion in the same period of FY2023–24.
The predicted total trade deficit for the months of April through November of 2023 was $166.35 billion, a positive change from the $189.21 billion recorded for the same time in the preceding fiscal year.
Iron ore, pharmaceuticals, and electronics are among the industries that experienced positive growth. The other import categories with decreased inbound shipments are fertilizer, pearls, precious and semi-precious stones, coal, and coke.
Increase in imports of Gold and Electronic items
Nonetheless, imports of gold rose by 21% to $32.93 billion. Imports of electronic goods increased to $57.83 billion between April and November of 2023–24 from $51.89 billion during the same period the previous year. November saw a 6.24% increase in gold imports, totaling $3.44 billion. On the other hand, oil imports fell by 8.47% to $14.93 billion for the month.
Exports rose by 6.21% in October. The report indicates that November's expected value of services exported is $28.69 billion, up from $26.93 billion in November 2022.
Also read: S&P Report shown positive outlook for Indian Economy: Highlights of the report
These exports totaled $220.66 billion throughout the eight months, compared to $208.30 billion from April to November of 2022.
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