India’s exports fall 8.74% in November; trade deficit narrows to $9.87 billion

16 Dec 2020 Evaluate

Declining for the second straight month, India’s merchandise exports fell 8.74% to $23.52 billion in November 2020 as compared to same period of last year, on account of contraction in shipments of key sectors like petroleum, engineering, chemicals and gems and jewellery. Trade deficit, gap between imports and exports, narrowed to $9.87 billion in November 2020 as compared to $ 12.75 billion in the corresponding month a year ago.

As per the data released by the Commerce Ministry, merchandise exports fell by 8.74% to $23.52 billion in November 2020, as compared to $25.77 billion in the same month a year ago. In Rupee terms, it down up by 5.20% to Rs 1,74,559.49 crore in October 2020, as compared to Rs 1,84,142.27 crore in November 2019. Cumulative value of exports for the period April- November 2020-21 was $173.66 billion as against $211.17 billion during the period April- November 2019-20, registering a negative growth of 17.76%. In Rupee terms, it was down by 12.70% to Rs 12,95,935.38 crore from Rs 14,84,386.50 crore.

Non-petroleum and Non Gems and Jewellery exports in November 2020 were $19.29 billion, as compared to $19.37 billion in November 2019, exhibiting a negative growth of 0.40%. Non-petroleum and Non Gems and Jewellery exports in April- November 2020-21 were $144.11 billion, as compared to $157.09 billion for the corresponding period in 2019-20.

On the other hand, imports during November 2020 decreased by 13.32% to $33.39 billion as compared to $38.52 billion in November 2019, while in rupee terms it was down by 9.96% to Rs 2,47,839.85 crore from Rs 2,75,255.20 crore in November 2019. Cumulative value of imports for the period April- November 2020-21 was $215.69 billion, as against $324.59 billion during the period April- November 2019-20, registering a negative growth of 33.55%. In rupee terms, it was Rs 16,09,382.96 crore, down by 29.43% from Rs 22,80,659.04 crore in the same period last year.

Oil imports in November 2020 were $6.27 billion, which were 43.36% lower, compared to $11.07 billion in November 2019. Oil imports in April- November 2020-21 were $44.11 billion which were 48.71% lower compared to $85.99 billion, over the same period last year. Non-oil imports during November 2020 were estimated at $27.12 billion which was 1.20% lower than non-oil imports of $27.45 billion in November 2019. Non-Oil and Non-Gold imports were $24.10 billion in November 2020, down 1.67% over the same period of last year. Non-Oil and Non-Gold imports were $159.28 billion in April- November 2020-21, down 26.94%, over the same period of last year.

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