India's merchandise exports in November dipped by 4.85 per cent to USD 32.11 billion against USD 33.75 billion a year ago, according to government data released on Monday.
Imports increased by 27 per cent to USD 69.95 billion in November compared to USD 55.06 billion in the year-ago month.
The trade deficit, or the gap between imports and exports, widened to USD 37.84 billion during the month under review.
India's merchandise exports had increased by 17.25 per cent to USD 39.2 billion in October this year.
During April-November this fiscal, exports increased by 2.17 per cent to USD 284.31 billion and imports by 8.35 per cent to USD 486.73 billion.
According to government data, major drivers of merchandise exports growth in November 2024 includes electronic goods, engineering goods, rice, marine products and RMG of all textiles.
This is the third time in four months that India’s import bill has hit a record high, but November’s tally surpasses the last two occasions by a wide margin.
Non-petroleum and non-gems & jewellery exports increased to USD 26.33 Billion in November 2024 compared to USD 23.55 Billion in November 2023.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in November 2024 were USD 37.36 Billion compared to USD 35.20 Billion in November 2023.
Gold imports in November reached an all-time high of $14.8 billion.
While addressing the media, Commerce Secretary Sunil Barthwal said that the fall in petroleum exports pulled down the November goods exports. Petroleum exports fell due to price effect, he added.
“Non-petroleum exports have grown at a comfortable pace and that is what we should be looking at,” he said.
India’s trade deficit has widened from $66.91 billion to $82.95 billion in 2024-25 so far.
