India's merchandise exports rise 26% in Nov; trade deficit at record $23 bn

Imports in November were at $53.15 bn, an increase of 57.18% over $33.81 bn

India's merchandise exports in November rose by 26.49 per cent to $29.88 billion on account of healthy growth in sectors such as engineering, petroleum, chemicals and marine products, according to provisional data released by the government on Wednesday.

The exports stood at $23.62 billion in November 2020.

Imports in November were at $53.15 billion, an increase of 57.18 per cent over $33.81 billion in the same month of 2020, leaving a record merchandise trade deficit of $23.27 billion in November compared with $10.19 billion a year ago

"India's merchandise exports in April-November 2021 was $262.46 billion, an increase of 50.71 per cent over $174.15 billion in April-November 2020 and an increase of 24.29 per cent over $211.17 billion in April-November 2019," the commerce ministry said.

Imports in April-November 2021 grew by 75.39 per cent to $384.44 billion.

Trade deficit stood at $121.98 billion during the eight-month period of this fiscal.

As per the data, the trade deficit in November more than doubled to $23.27 billion as gold imports grew by about 8 per cent to $4.22 billion.

The gap between imports and exports totalled $10.19 billion during November 2020.

Outward shipments of engineering goods, which accounted for 28.19 per cent of total exports in November, jumped about 37 per cent year-on-year to $8 billion.

Exports of petroleum products soared 145.3 per cent on an annual basis to $3.82 billion.

However, the outbound shipments of gems and jewellery dipped by 11 per cent to $2.4 billion during the month.

On the imports front, the inbound shipments of 'petroleum, crude and products' surged 132.44 per cent to $14.68 billion in November.

Imports of 'coal, coke and briquettes' climbed 135.81 per cent in November this year to $3.58 billion.

The updated trade data will be released later in the month.