EXPORTS GROWTH DECLINES 2.83% TO $33.9 BN IN NOV'23, TRADE DEFICIT SHRINKS TO $ 20.58 BN

Imports also slipped to USD 54.48 billion in the month under consideration, as against USD 56.95 billion recorded in November 2022, bringing the trade deficit in November to USD 20.58 billion, showed the Ministry of Commerce data released on Friday

- NIVEDITA MUKHERJEE

Reeling under the impact of a global slowdown, India’s merchandise exports dropped by 2.83 percent to USD 33.90 billion in November 2023, compared to USD 34.89 billion a year ago. Imports also slipped to USD 54.48 billion in the month under consideration, as against USD 56.95 billion recorded in November 2022, bringing the trade deficit in November to USD 20.58 billion, showed the Ministry of Commerce data released on Friday.

The major contributors to export growth in November 2023 were iron ore, gems, and jewellery, drugs, and pharmaceuticals, fruits and vegetables, meat, dairy and poultry products, mica, coal, and other ores, minerals including processed minerals and cotton yarn/ fabs./made-ups, handloom products. Exports of non-petroleum, non-gems, and jewellery items, which comprises the basket of gold, silver and precious metals, in November 2023 fell to USD 23.61 billion from USD 24.30 billion in November 2022. Imports of the same in November 2023 were USD 34.62 billion, compared to USD 34.95 billion in November 2022.