<p>New Delhi: India's merchandise exports slipped by 2.83 per cent to $33.90 billion in November while the trade deficit narrowed to $20.58 billion, according to government data.</p>.<p>Imports also fell by 4.33 per cent to $54.48 billion in November, the data released by the commerce ministry on Friday showed.</p>.<p>Cumulatively, the country's merchandise exports in April-November FY2023-24 contracted by 6.51 per cent to $278.8 billion.</p>.<p>Imports were also down by 8.67 per cent to $445.15 billion in the eight-month period due to a fall in oil imports. Oil imports dipped to $113.65 billion as against $139.29 billion in April-November 2022-23.</p>.<p>The trade deficit – difference between imports and exports - during the eight-month period was $166.35 billion against $189.21 billion in the corresponding period last year.</p>.India's rising exports: A look at sectors that are driving this growth.<p>Briefing reporters, Commerce Secretary Sunil Barthwal said that given the global situation, India's export numbers are good.</p>.<p>All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, gems and jewellery, chemicals, garments, and engineering goods.</p>.<p>Sectors which registered positive growth include electronics, iron ore, and pharma.</p>.<p>The other import segments whose inbound shipments are contracted include coal, coke, pearls, precious and semi-precious stones; and fertiliser.</p>.<p>However, gold imports increased by 21 per cent to $32.93 billion. Electronic goods' imports have risen to $57.83 billion during April-November 2023-24 against $51.89 billion in the same period last year.</p>.<p>The gold imports in November rose by 6.24 per cent to $3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to $14.93 billion.</p>.<p>Barthwal said the global trade is suffering but, 'we are holding the fort'.</p>.<p>He added that GDP growth of many countries is 'not so high', interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, 'we are doing well'.</p>.<p>Exports in October had grew by 6.21 per cent.</p>.<p>According to the data, the estimated value of services export for November is $28.69 billion, as compared to $26.93 billion in November 2022.</p>.<p>During the eight-month period, these exports stood at $220.66 billion as compared to $208.30 billion in April-November 2022.</p>.<p>The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023.</p>.<p>According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.</p>
<p>New Delhi: India's merchandise exports slipped by 2.83 per cent to $33.90 billion in November while the trade deficit narrowed to $20.58 billion, according to government data.</p>.<p>Imports also fell by 4.33 per cent to $54.48 billion in November, the data released by the commerce ministry on Friday showed.</p>.<p>Cumulatively, the country's merchandise exports in April-November FY2023-24 contracted by 6.51 per cent to $278.8 billion.</p>.<p>Imports were also down by 8.67 per cent to $445.15 billion in the eight-month period due to a fall in oil imports. Oil imports dipped to $113.65 billion as against $139.29 billion in April-November 2022-23.</p>.<p>The trade deficit – difference between imports and exports - during the eight-month period was $166.35 billion against $189.21 billion in the corresponding period last year.</p>.India's rising exports: A look at sectors that are driving this growth.<p>Briefing reporters, Commerce Secretary Sunil Barthwal said that given the global situation, India's export numbers are good.</p>.<p>All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, gems and jewellery, chemicals, garments, and engineering goods.</p>.<p>Sectors which registered positive growth include electronics, iron ore, and pharma.</p>.<p>The other import segments whose inbound shipments are contracted include coal, coke, pearls, precious and semi-precious stones; and fertiliser.</p>.<p>However, gold imports increased by 21 per cent to $32.93 billion. Electronic goods' imports have risen to $57.83 billion during April-November 2023-24 against $51.89 billion in the same period last year.</p>.<p>The gold imports in November rose by 6.24 per cent to $3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to $14.93 billion.</p>.<p>Barthwal said the global trade is suffering but, 'we are holding the fort'.</p>.<p>He added that GDP growth of many countries is 'not so high', interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, 'we are doing well'.</p>.<p>Exports in October had grew by 6.21 per cent.</p>.<p>According to the data, the estimated value of services export for November is $28.69 billion, as compared to $26.93 billion in November 2022.</p>.<p>During the eight-month period, these exports stood at $220.66 billion as compared to $208.30 billion in April-November 2022.</p>.<p>The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023.</p>.<p>According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.</p>