India's merchandise exports declines 0.3% in November 2019

Trade deficit narrows to US$ 12.12 billion in November 2019

India's merchandise exports declined 0.3% to US$ 25.98 billion in November 2019 over a year ago. Meanwhile, merchandise imports also dipped 12.7% to US$ 38.11 billion. The trade deficit narrowed 31.0% to US$ 12.12 billion in November 2019 from US$ 16.67 billion in November 2018.

Oil imports declined 18.2% to US$ 11.06 billion, while the non-oil imports dipped 10.3% to US$ 27.04 billion in November 2019 over November 2018. The share of oil imports in total imports was 29.0% in November 2019, compared with 31.3% in November 2018. The price of India's basket of crude oil fell 4.4% to US$ 62.54 per barrel in November 2019 over November 2018.

Among the non-oil imports, the major contributors to the overall dip in imports were transport equipment imports declining 48.5% to US$ 1.22 billion, coal, coke & briquettes, etc 23.2% to US$ 1.72 billion, organic & inorganic chemicals 21.1% to US$ 1.57 billion and iron & steel 26.2% to US$ 1.10 billion, while imports of metaliferrous ores & other minerals also declined 32.5% to US$ 0.41 billion, electronic goods 4.0% to US$ 4.20 billion and non-ferrous metals 11.8% to US$ 1.06 billion.

Further, the imports of chemical material & products declined 14.6% to US$ 0.58 billion, artificial resins, plastic materials, etc. 6.8% to US$ 1.20 billion, silver 76.3% to US$ 0.09 billion and project goods 57.6% to US$ 0.14 billion.

However, the imports have increased for pearls, precious & semi-precious stones by 24.8% to US$ 1.98 billion, gold 6.6% to US$ 2.94 billion, pulses 84.6% to US$ 0.19 billion, electrical & non-electrical machinery 1.9% to US$ 2.96 billion, vegetable oil 5.2% to US$ 0.72 billion and medicinal & pharmaceutical products 4.3% to US$ 0.53 billion in November 2019.

On exports front, the petroleum products recorded a decline in exports by 13.1% to US$ 4.09 billion, followed by gems & jewellery 8.1% to US$ 2.58 billion, plastic & linoleum 15.3% to US$ 0.66 billion, and RMG of all textiles 6.5% to US$ 1.06 billion. The exports also declined for cotton yarn/fabrics/made-ups, handloom products etc by 3.7% to US$ 0.80 billion, leather & leather products 5.3% to US$ 0.38 billion, ceramic products & glassware 8.5% to US$ 0.22 billion, and mica, coal & other ores, minerals including processed minerals 1.9% to US$ 0.31 billion.

However, the exports moved up for engineering goods by 6.3% to US$ 6.30 billion, electronic goods 46.1% to US$ 1.16 billion, drugs & pharmaceuticals 20.6% to US$ 1.79 billion, oil seeds 52.7% to US$ 0.18 billion and marine products 9.0% to US$ 0.70 billion in November 2019. Further, the exports of iron ore also improved 37.0% to US$ 0.20 billion, organic & inorganic chemicals 2.5% to US$ 1.87 billion, spices 10.5% to US$ 0.32 billion, meat, dairy & poultry products 8.3% to US$ 0.39 billion, rice 4.7% to US$ 0.44 billion, and man-made yarn/fabrics/made-ups etc. 3.0% to US$ 0.38 billion in November 2019.

Merchandise exports in Rupees declined 0.9% to Rs 185645 crore, while imports dipped 13.2% to Rs 272274 crore in November 2019 over November 2018. The trade deficit eased to Rs 86630 crore in November 2019 compared with Rs 119786 crore in November 2018.

India's merchandise exports fell 2.2% to US$ 211.93 billion, while merchandise imports declined 8.6% to US$ 318.78 billion in April-November 2019. The decline in imports was driven by a 12.8% fall in oil imports to US$ 84.99 billion. India's merchandise trade deficit eased to US$ 106.84 billion in April-November 2019 from US$ 131.12 billion in April-November 2018.

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