Exports up 26.49% to $29.9b in Nov

Indian’s merchandise exports increased for the twelfth consecutive months in November clocking growth of 26.49% year on year at $29.88 billion, led by engineering goods, petroleum products, plastics and cotton yarn.

However, sequentially, exports declined 16% to $29.88 billion in November from $35.65 billion in October.

Official data released on Wednesday showed a 57.18% rise in imports at $53.15 billion leading an all-time trade deficit of $23.27 billion compared to $10.19billion in November 2020.

Non-oil, non-germs and Jewellery imports, an indicator of the festive

 strength of domestic demand, rose 49.52% on year.

“The holidays in the festive season have substantially dented the momentum in merchandise exports in November, bringing them down to the lowest level of FY22, “said Aditi Nayar, chief economist, ICRA.

Exports of germs and Jewellery fell 11 % while those of pharmaceuticals dropped 7 % Gold imports rose 39.67% at $4.2 billion.

In the first eight months of the fiscal, exports increase 50.71% at $262.46 billion while imports rose 75.39% at $384.44 billion.

“This performance showcases the continuous resilience of India’s exports sector. The enthusiasm with which the Exim community has impressively perfumed during the year. Has further given a boost to the sector,” said A Shrivel, president, federation of Indian Export Organizations.

Value of non-petroleum exports in November was $26.06 billion, registering a growth of 18.1% over the same periods in $21.95 billion in November 2019, the commerce and industry ministry said in a statement.

Value of non-petroleum imports was $38.47 billion, up 39.9% year-on-year and 40.12% higher than November 2019.

“We are cautiously optimistic that the exports momentum will revive, although the uncertainty engendered by the orison variant poses a concern regarding the immediate outlook, “said Nayar.  S-ET

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