With global demand picking up, exports soared 30.55 per cent to $26.19 billion in November, commerce ministry data released on Friday showed. Also helping outbound shipments were government incentives and simplification of the goods and services tax (GST) refund process.
In October this year, exports had witnessed a decline of 1.12 per cent to $23 billion. India’s exports in November 2016 had stood at $20.06 billion.
Government data also revealed that imports grew 19.61 per cent to $40 billion from $33.46 billion in the year-ago period.
On account of rise in imports, trade deficit increased marginally to $13.82 billion in November on a year-on-year basis.However, the deficit— gap between imports and exports— narrowed on a month-on-month basis.
This witnessed robust growth in outward shipments of gems & jewellery, engineering goods, chemical and pharmaceutical products.
Earlier this month, the government had announced Rs 8,450 crore worth of incentives for exporters in sectors such as leather and agriculture. On the other hand, gold imports dropped by 25.96 per cent to $3.26 billion last month, the data showed. Oil imports and non-oil imports in November grew 39.14 per cent and 14.57 per cent to $9.55 billion and $30.47 billion, respectively.
Twenty-four out of 30 major product groups were in the positive territory. However, the major growth contributors were engineering, petroleum products, gems and jewellery, organic and inorganic chemicals, marine items and pharmaceutical, the data revealed.
In November, gems and jewellery, drugs and pharmaceuticals, organic and inorganic chemicals and engineering exports grew by 32.69 per cent, 13.39 per cent, 54.28 per cent and 43.76 per cent, respectively.
Cumulative exports during April-November 2017-18 increased by 12.01 per cent to $196.48 billion, while imports grew 21.85 per cent to $296.45 billion, leaving a trade deficit of nearly $100 billion.