Exports jump 23% at $38.13 billion in November, imports down 1.88%

India's trade deficit in November narrowed to $24.53 billion as compared to $31.93 billion during the same period last year. According to the data shared by the Ministry of Commerce and Industry, the country's imports declined 1.88 per cent year-on-year (Y-o-Y) at 62.66 billion, while the exports rose 23.15 per cent Y-o-Y at $38.13 billion, rising to its highest level in the last ten years.

 

Commerce Secretary Rajesh Agrawal told reporters that the key drivers for export growth include sectors such as engineering goods, electronics, gems and jewellery, drugs and pharma. Gold imports contracted 60 per cent in November. Apart from gold, there was a decline in imports of petroleum products, vegetable oil and coal, the government data showed.

 

Additionally, exports during April-November were up 2.62 per cent to $292.07 billion, while imports during the eight months rose by 5.59 per cent to $515.21 billion.

'Able to export to US despite tariffs'

According to the data, exports to the US saw 22 per cent Y-o-Y growth at $6.97 billion in November. The exports had dropped to $6.3 billion in October from $6.9 billion a year earlier.

 

Agrawal said, “We have been able to hold our exports to the US, despite the imposition of the tariffs." The US imposed 50 per cent tariffs on India, including a 25 per cent penalty for buying Russian crude, starting August 27.

 

However, both countries have maintained that they have friendly ties. India is currently in talks with the US to reach a trade agreement. Recently, Prime Minister Narendra Modi also spoke to US President Donald Trump over a phone call, following a US trade delegation's visit to New Delhi.

October trade data

Last month, the country's exports fell by 11.8 per cent to $34.38 billion. Additionally, imports rose sharply by 16.63 per cent to $76.06 billion, widening the trade deficit to $41.68 billion for the month.

 

The surge in imports was driven by a spike in gold and silver shipments. Gold imports alone soared to $14.72 billion in October, compared with $4.92 billion during the same period last year.

 

(With inputs from Shreya Nandi)