Exports up 26.49% in November

India’s merchandise exports increased for the twelfth consecutive month in November clocking a growth of 26.49% year on year at $29.88 billion, led by engineering goods, petroleum products, plastics and cotton yarn.

However, sequentially, exports declined16% to $29.88 billion in November from $35.65 billion in October.

Official data showed a 57.18% rise in imports at $53.15 billion leaving an all-time trade deficit of $23.27 billion compared to $10.19 billion in November 2020. Non-oil, non-gems and jewellery imports, an indicator of the strength of domestic demand, rose 49.52% on-year.

Exports of gems and jewellery fell 11% while those of pharmaceuticals dropped 7%. Gold imports rose 39.67% at $4.2 billion.

In the first eight months of the fiscal, exports increased 50.71% at $262.46 billion while imports rose 75.39% at $384.44 billion.

Value of non-petroleum exports in November was $26.06 billion, registering a growth of 18.1% over the same period in 2020 and a growth of 18.69% at $21.95 billion in November 2019, the commerce and industry ministry said in a statement.

Value of non-petroleum imports was $38.47 billion, up 39.9% year-on-year and 40.12% higher than November 2019.

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