Reeling under the impact of a global slowdown, India’s merchandise exports dropped by 2.83 per cent to USD 33.90 billion in November 2023, compared to USD 34.89 billion a year ago. Imports also slipped to USD 54.48 billion in the month under consideration, as against USD 56.95 billion recorded in November 2022, bringing the trade deficit in November to USD 20.58 billion, showed the Ministry of Commerce data released on Friday.
The major contributors to export growth in November 2023 were iron ore, gems and jewellery, drugs and pharmaceuticals, fruits and vegetables, meat, dairy and poultry products, mica, coal and other ores, minerals including processed minerals and cotton yarn/ fabs./made-ups, handloom products. Exports of non-petroleum, non-gems and jewellery items, which comprises the basket of gold, silver and precious metals, in November 2023 fell to USD 23.61 billion from USD 24.30 billion in November 2022. Imports of the same in November 2023 were USD 34.62 billion, compared to USD 34.95 billion in November 2022.
On the upside, India’s overall exports (merchandise and services combined) in November 2023 is estimated to be USD 62.58 billion, exhibiting a positive growth of 1.23 per cent over November 2022. Overall imports in November 2023 is estimated to be USD 67.88 billion, exhibiting a negative growth of 6.16 per cent over November 2022. According to Commerce Secretary Sunil Barthwal, India’s export numbers are still good, considering that the World Trade Organisation (WTO) has forecast global trade to grow only by 0.8 per cent in 2023. After a continuous spell of deceleration from February to July, shipments showed 3.88 per cent positive growth in August, but September again saw a drop of 2.6 per cent.