Schedule a Call Back
India's Trade Deficit Narrows to $20.58 bn in November, Imports Drop 4.3%
Industry News- Dec 18,23
Conversely, exports experienced a more modest contraction of 2.8%, reaching $33.90 billion, down from $34.89 billion in the corresponding period last year.
In November, India's trade balance revealed a reduction in the merchandise trade deficit, amounting to $20.58 billion, according to government data released. This decline was primarily driven by a 4.3% decrease in imports, totalling $54.48 billion compared to the previous year's $56.95 billion for the same month.
Conversely, exports experienced a more modest contraction of 2.8%, reaching $33.90 billion, down from $34.89 billion in the corresponding period last year. The trade deficit represents the difference between a country's imports and exports over a specified time frame.
For the current fiscal year from April to November, exports saw a decline of 6.51%, totalling-- $278.8 billion. Simultaneously, imports witnessed a downturn of 8.67%, reaching $445.15 billion over the eight-month span.
Commerce Secretary Sunil Barthwal expressed optimism about India's export performance, highlighting its resilience amid the global economic slowdown. In October, merchandise exports experienced a notable increase of 6.21%, reaching $33.57 billion.
Despite this positive trend, it's noteworthy that the trade deficit expanded to a record high of $31.46 billion for the same period. Back in October, Barthwal characterised the trade numbers as indicative of "green shoots," signalling signs of recovery in outbound shipments.
"I am hopeful that we will be crossing last year's figures. The positive growth is there despite a fall in commodity prices, but we are waiting and watching" the global situation," he said.
Currently, the export sector faces challenges arising from the geopolitical landscape and other factors such as elevated inflation, economic deceleration in advanced economies, the Russia-Ukraine conflict, tensions between China and Taiwan, China-US relations, and the ongoing Israel-Palestine conflict.
From February to July, the nation's exports experienced a downturn. Following a re-evaluation of figures by the commerce ministry, there was a 3.88% positive growth in shipments in August. However, in September, there was a contraction of 2.6%. The World Trade Organisation (WTO) predicts a modest 0.8% growth in global trade for the year 2023.
Source: Mint
India
Sunil Barthwal
Russia-Ukraine conflict
China-Taiwan
China-US relations
Israel-Palestine conflict
Related Stories
Machine Tools & Accessories
India’s stainless steel demand rises 8% in FY25, says ISSDA
India’s installed stainless steel production capacity currently stands at 7.5 million tonnes, with a utilisation rate of around 60%.
Read moreElectrical & Electronics
India set to attract over Rs 80 bn investment in energy sector at IESW 2025
Strengthening the Government of India’s role as a global manufacturing hub, India Energy Storage Week 2025 - hosted by India Energy Storage Alliance (IESA) - will provide a launchpad for multiple ..
Read moreRailways
Texmaco Rail secures Rs 1,405 million wagon order from Indian Railways
With this addition, Texmaco Rail & Engineering Ltd’s total order book now stands at Rs 71.15 billion, marking strong growth and sustained industry confidence.
Read moreRelated Products
Heavy Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of heavy industrial ovens.
High Quality Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of high quality industrial ovens. Read more
Hydro Extractor
INDUSTRIAL SUPPLIES
Guruson International offers a wide range of cone hydro extractor. Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
