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Published on: December 16, 2023.
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India’s Exports Experience a Dip in November: Government Data
India’s exports of merchandise have declined by 2.83% to $33.9 billion in November, according to the latest government data. However, there is some positive news as the trade deficit has narrowed to $20.58 billion. Imports also faced a slump, falling by 4.33% to $54.48 billion during the same month.
In the period from April to November of the current fiscal year (FY2023-24), the country’s merchandise exports have contracted by 6.51% to $278.8 billion. Conversely, imports have also decreased by 8.67% to $445.15 billion, largely due to lower oil imports, which saw a dip from $139.29 billion in April to November 2022-23 to $113.65 billion in the same period this year.
Commerce Secretary Sunil Barthwal, briefing reporters, stated that considering the global situation, India’s export figures are satisfactory. However, several vital export sectors, such as petroleum products, gems and jewelry, chemicals, garments, and engineering goods, have recorded negative growth during the April-November period. On the other hand, some sectors, including electronics, iron ore, and pharmaceuticals, have shown positive growth.
While various import segments, including coal, coke, pearls, precious and semi-precious stones, and fertilizers, have seen a decline in inbound shipments, gold imports have increased by 21% to $32.93 billion. Additionally, the import of electronic goods has risen from $51.89 billion to $57.83 billion during April-November 2023-24.
Despite the challenging global trade conditions, Commerce Secretary Barthwal emphasized that India is holding steadfast, with the country’s GDP growth performing relatively well compared to many other nations. He mentioned that despite low GDP growth rates in several countries, an unfavourable interest rate regime, and escalating global conflicts, India continues to perform admirably.
In October, India’s exports experienced growth of 6.21%. Looking ahead, the estimated value of services exports for November is $28.69 billion, compared to $26.93 billion in November 2022. For the eight-month period from April to November, the value of service exports stood at $220.66 billion, an increase from $208.30 billion in the same period of the previous year.
International organizations such as the World Trade Organization (WTO) and the United Nations Conference on Trade and Development (UNCTAD) have expressed concerns about the global trade scenario. The WTO forecasts a meager growth of 0.8% in global trade for 2023, while UNCTAD predicts a contraction of nearly 5% due to geopolitical tensions and changing trade patterns.
Source: [Kashmir Vision](https://kashmirvision.in)
