NEW DELHI: India’s merchandise exports in November stood at $30.04 billion, growing by 27.16%, however imports also stood at $52.94 billion, up by 56.58% pushing trade deficit to an all time high in November at $22.91 billion, more than doubled from $10.19 billion in November 2020.
Data released by the commerce ministry on Tuesday showed that India’s November merchandise exports were at a 9-month low of $30.04 bn. Exports for the Apr-Nov period were up 51% to $263.57 bn as against $174.16 bn during the same period last year.
Export was boosted by petroleum products, engineering goods, organic & inorganic chemicals, cotton yarn, handloom products and electronic goods.
“Non-petroleum and non-gems and jewellery exports in November were $23.68 bn, registering a growth of 22.26% over non-petroleum and non-gems and jewellery exports of $19.37 billion in November 2020,” the ministry said.
While gold imports rose by 39.7% in November to $4.2 bn, petroleum imports were up 132.4% to $14.7 bn.
“The merchandise trade deficit for November is not only twice as high as November 2020, but also significantly higher than the level in November 2019, which is a cause for concern regarding the implications for the size of the current account deficit in H2 FY22,” Aditi Nayar, chief economist, ICRA said.
$30.04 bn India’s total merchandise exports in November 2021
$52.94 bn Total imports during the same month
$22.91 bn Trade deficit, more than doubled from $10.19 bn in November 2020