India’s exports flat at $32 bn in Nov; trade deficit narrows to $23.89 bn

The country's merchandise exports grew at a modest rate in November 2022 after a sharp fall in October, the latest data shared by the commerce ministry shows. India’s merchandise exports in November grew to $31.99 billion as compared to $31.80 billion in the year-ago period. India's merchandise exports shrunk 16.7% year-on-year to $29.8 billion in October 2022. The country's merchandise imports surged 5.3% to $55.88 billion as compared to $53.03 billion a year before.

The merchandise trade deficit for the April-November 2022 stood at $198.35 billion against $115.39 billion in the same period last year. In November 2022, the export trade deficit was $23.89 billion as compared to $21.23 billion in the same period last year.

India’s merchandise exports exhibited a positive (y-o-y) growth in 15 out of 30 sectors in November and imports also surged in 19 out of 30 sectors (y-o-y). Among the QE commodity groups, electronic goods (54.48%), rice (19.16%), ceramic products & glassware (22.64%), fruits and vegetables (25.01%), cereal preparations & miscellaneous processed (22.75%), other cereals (53.78%), oil seeds (38.83%), oil meals (17.55%), tobacco (101.02%), and tea (27.03%) recorded positive growth.

In terms of value, the services export grew $26.23 billion vs $ 20.67 billion in November 2021. The import in this category were at $13.44 billion, up from $12.63 billion in November 2021. In this fiscal till November 2022, the services exports have grown to $204.41 billion compared to $158.67 billion last year. In services, the country has recorded a trade surplus in this fiscal so far at $87.32 billion as compared to a surplus of $68.16 billion in the year-ago period.

Overall trade, comprising merchandise and services, stood at $58.22 billion in the said month, with exports growing at 10.97% YoY. Total imports were at $69.33 billion, up 5.6% growth per cent over the same period last year. In this fiscal year so far, the overall exports are up 17.7% YoY to $499.67 billion and total imports showed a 29.47% growth at $610.70 billion over the same period last year.

The non-petroleum and non-gems and jewellery exports grew to $24.09 billion from $23.91 billion in the year-ago period. Imports surged to $34.45 billion vs $32.33 billion in the same period last year. In this fiscal till November, the exports in this category were at $206.16 billion, a growth from $200.43 billion in the year-ago period, while imports were at $293.83 billion as compared to $230.91 billion in the same period last year.

The commerce ministry has said India’s trade exhibited a phenomenal performance in 2021-22, attaining unprecedent exports in merchandise and services, with exports reaching an all-time high. "The global economy has posed tremendous challenges in the current year amid turbulent and uncertain environment. India’s trade is moving forward on the high growth wave even with the high base of last year and despite global demand slowdown, exports performance continues on the high growth run with India’s overall exports in April-November 2022 estimated to exhibit a positive growth of 17.72% over the same period last year."