Data released by the commerce and industry ministry on Tuesday showed that India's November merchandise exports were at a nine-month low of $30.04 billion but 27.16% higher on-year.
Merchandise imports in April-November 2021 were $384.34 billion as against $219.82 billion in the year ago period, registering a 74.84% growth.
Gold imports rose 39.7% in November to $4.2 billion. Petroleum imports were up 132.4% to $14.7 billion.
“The merchandise trade deficit for November is not only twice as high as November 2020, but also significantly higher than the level in November 2019, which is a cause for concern regarding the implications for the size of the current account deficit in H2 FY22,” said Aditi Nayar, chief economist,
.Petroleum products, engineering goods, organic & inorganic chemicals, cotton yarn, handloom products and electronic goods were the top export sectors.
“Non-petroleum and non-gems and jewellery exports in November were $23.68 billion, registering a positive growth of 22.26% over non-petroleum and non-gems and jewellery exports of $19.37 billion in November 2020,” the ministry said in a statement.
Federation of Indian Export Organisations President A Sakthivel said that many of the top performing sectors are labour-intensive sectors contributing majorly to the exports basket during the month, which itself is a good sign, further helping job creation in the country.
“Engineering goods exports continued the growth momentum and rose 37% in November to $8.07 billion but emergence of Omicron has certainly posed some downside risks to the strong uptrend going forward, said EEPC India Chairman Mahesh Desai.
He said the increase in raw material prices has further put pressure on the margin leaving very little scope for making further investment by a large number of MSMEs which dominate the engineering goods sector.
November trade gap at all time high, exports at 9-month low - Economic Times
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