Exports Down $5.6 bn in Nov 2021 Compared to Oct 2021, Imports too Fall by $2.43 bn

· Trade Deficit Doubles in November

· Import Growth was Led by Petroleum

<MoC Press Release>

<Quick Estimates>

India’s goods exports in November posted a 27.16 per cent year-on-year rise to $30.04 billion while imports increased 56.58 per cent to $52.94 billion — a doubling of trade deficit to $22.91 billion per quick estimates of trade data for November issued by the government.

Sectors posting an increase in exports included engineering goods, petroleum products, chemicals, electronic goods, cotton yarn, fabrics, textiles, marine products and plastics. Items such as gems & jewellery and pharmaceuticals registered a decline in exports.

“The monthly exports performance of November showcases the continuous resilience of India’s exports sector. The enthusiasm with which the Exim community has impressively performed during the year has further given a boost to the sector, thereby helping the economy move towards recovery following the second wave of Covid-19 earlier this year,” according to exporters’ body FIEO.

Decrease in exports

However, goods exports in October, at $35.47 billion (42.33 per cent increase over October 2020), were higher than the total goods exports in November.

Growth in imports in November 2021 was led by petroleum — which more than doubled to $14.67 billion — coal, chemicals and vegetable oil.

Export target of $400 bn

Commerce & Industry Minister Piyush Goyal said he was hopeful that the export target of $400 billion for the on-going fiscal would be met as India’s exports had consistently crossed $30 billion for the last eight months.

Exports for the period April-November at $263.57 billion increased 51.34 per cent over the same period last year, the release said. Imports for the same at $384.34 billion was 74.84 per cent higher than imports a year ago. Trade deficit for April-November was estimated at $120.76 billion compared to $45.66 billion in the same period last year.