Exports crash by a fourth to $20 bn in November

India’s exports continued to struggle for the 12th straight month as outward shipments slumped by almost one-fourth to $20.01 billion in November on account of global demand slowdown and falling oil prices. However, there is a much steeper fall in imports, which contracted 30.26 per cent to $29.79 billion in November. The imports were valued at $42.72 billion in the same month last year.

Fall in imports showed up in trade balance as deficit narrowed to $9.78 billion as against $16.23 billion in November 2014. However, the November trade deficit came in marginally higher than October’s $9.76 billion. As per data released by the Commerce Ministry, exports in November were valued at $20.01 billion as against $26.48 billion in the year-ago period, a drop of 24.43 per cent. There was a sharp drop in realisation from exports of petroleum products ((53.9 per cent), gems and jewellery (21.52 per cent), engineering goods (28.57 per cent) and iron ore (14.04 per cent) in November over the same month last fiscal.

India’s import bill on coal, coke and briquettes declined 50.19 per cent to $876.65 million as against $1.75 billion in November last year. Gold imports in November fell 36.48 per cent to $3.53 billion. The import was $5.57 billion in November 2014.

The trade deficit for April-November 2015-16 was estimated at $87.54 billion, lower than the deficit of $102.50 billion year-on-year.