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Exports up 26.49% to $29.88 billion in November; trade deficit hits record $23.27 billion

Imports in November were at $53.15 billion, an increase of 57.18 per cent over the same month of 2020
Last Updated 01 December 2021, 17:17 IST

India's merchandise exports rose 26.49 per cent year-on-year to $29.88 billion in November on better performance by key sectors, while the trade deficit hit a record high of $23.27 billion as imports of crude oil and gold spiked.

The exports stood at $23.62 billion in November 2020.

Imports in November were at $53.15 billion, an increase of 57.18 per cent over the same month of 2020, according to provisional data released by the government on Wednesday.

"India's merchandise exports in April-November 2021 was $262.46 billion, an increase of 50.71 per cent over $174.15 billion in April-November 2020 and an increase of 24.29 per cent over $211.17 billion in April-November 2019," the commerce ministry said.

Imports in April-November 2021 grew by 75.39 per cent to $384.44 billion.

Trade deficit stood at $121.98 billion during the eight-month period of this fiscal.

As per the data, the trade deficit widened to an all-time high of $23.27 billion as gold imports grew by about eight per cent to $4.22 billion.

The gap between imports and exports totalled $10.19 billion during November 2020. The previous record for the trade gap was $20.2 billion in October 2012.

Imports of 'petroleum, crude and products' surged 132.44 per cent to $14.68 billion during the month under review.

Export sectors that recorded positive growth during the month include petroleum products, handloom, engineering, chemicals, plastic and marine products.

Outward shipments of engineering goods, which accounted for 28.19 per cent of total exports in November, jumped about 37 per cent year-on-year to $8 billion.

Exports of petroleum products soared 145.3 per cent on an annual basis to $3.82 billion.

However, the outbound shipments of gems and jewellery dipped by 11 per cent to $2.4 billion during the month.

Imports of 'coal, coke, and briquettes' climbed 135.81 per cent in November this year to $3.58 billion.

The updated trade data will be released on December 15.

Commenting on the numbers, Federation of Indian Export Organisations (FIEO) said though the government has announced a slew of measures to support exports, the need of the hour is to soon announce the extension of the interest equalisation scheme and allow transfer of MEIS, RoDTEP, and RoSCTL.

"Some of the other major issues which require the attention of the government are augmenting the flow of liquidity and empty containers and establishing a regulatory authority to seek justification of imposition of various charges by the shipping lines, besides freight support to all exports till 31st March 2022, as freight rates have skyrocketed and are not likely to come down in near future," it added.

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(Published 01 December 2021, 17:17 IST)

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