Exports rise 27.16% to $30.04 bn in Nov; trade deficit at $22.91 bn

New Delhi: India's merchandise exports jumped 27.16 per cent to $30.04 billion in November on the back of good performance by sectors like petroleum products, engineering goods and electronic items, official data showed on Tuesday. The exports stood at $23.62 billion in November 2020. Imports in November were at $52.94 billion, showing an increase of 56.58 per cent over inbound shipments of $33.81 billion in the year-ago month. Gold imports rose nearly 40 per cent to $4.22 billion as against $3.02 billion in November 2020.

As per the data released by the Ministry of Commerce and Industry, November trade deficit stood at $22.91 billion. This compares with $10.19 billion in November 2020.

Merchandise exports for April-November 2021 were at $263.57 billion, up 51.34 per cent over $174.16 billion during the corresponding period last year. Imports during the period totalled $384.34 billion, an increase of 74.84 per cent over April-November 2020 when it was $219.82 billion.

"The merchandise trade balance for April-November 2021 was estimated at $(-) 120.76 billion as against $(-) 45.66 billion in April-November 2020, which is a decline of (-) 164.49 per cent," said a release issued by the ministry.

Exports of petroleum products during November climbed 154.22 per cent at $3.95 billion on a yearly basis. Outward shipments of engineering goods rose to nearly $8 billion, up about 37 per cent over the same month last year.

As per the data, exports of electronic goods rose from $1.12 billion in November last to $1.45 billion during the month under review, up 29.83 per cent.

Shipments of organic and inorganic chemicals jumped 32.54 per cent to $2.24 billion.

On the imports front, inbound shipments of 'coal, coke and briquettes' stood at $3.57 billion, rising 135.81 per cent over November 2020.

Imports of 'petroleum, crude and products' too surged 132.43 per cent at $14.67 billion. The import of vegetable oil shot up by 78.82 per cent to $1.75 billion.

The release further said the estimated value of services export for November 2021 was $20.33 billion, up 16.88 per cent over the same month last year ($17.39 billion).

The estimated value of services import was $11.81 billion, a growth of 20.71 per cent over November 2020 ($9.78 billion).

India's overall exports (merchandise and services) in November were estimated to be $50.36 billion, exhibiting a growth of 22.80 per cent over the same period last year.

Non-petroleum and non-gems and jewellery exports in November rose 22.26 per cent to $23.68 billion. Non-petroleum, non-gems and jewellery (gold, silver and precious metals) imports were $31.82 billion, a growth of 40.64 per cent from $22.63 billion in November 2020.

Meanwhile, Commerce and Industry Minister Piyush Goyal on Tuesday said India's merchandise export is set to touch an all-time high of $400 billion during the current financial year, driven by sharp uptick in shipments.

"Our exports have consistently crossed $30 billion for the last eight months. We are now at about $262 billion of exports versus $290 billion in the 12 months of last year. So, by the ninth month, we would have crossed last year's export, and we hope to do a record export of $400 billion," Goyal said.

Speaking at the CII Partnership Summit 2021, he said India's imports too are growing and thus providing opportunities to other countries to expand business and international trade with India.

"India on its part is showing sharp economic recovery and various indicators are pointing to a bounce back in our work in our industry, manufacturing sector, agriculture, technology and also shaping up of preparing a platform for a decade of huge growth," he added.

Referring to COVID-19, Goyal said India tried its best to meet all international commitments and supported countries through supply of vaccines, medical supplies, and masks, among others.