India's exports dropped by 2.83 per cent to $33.90 billion in November this year compared to $34.89 billion a year ago, according to a government data released on Friday. Imports also slipped to $54.48 billion in the month under consideration, as against $56.95 billion recorded in November 2022.
India's trade deficit in November now stood at $20.58 billion. During the April-November period of this fiscal year, exports contracted by 6.51 per cent to $278.8 billion. Imports during the eight-month period fell by 8.67 per cent to $445.15 billion.
Commerce Secretary Sunil Barthwal said that despite the global slowdown, India's export numbers are doing good.
India's exports were in a red zone from February to July. After a revision of numbers by the commerce ministry, the shipments showed 3.88 per cent positive growth in August, but in September it contracted by 2.6 per cent. The World Trade Organisation (WTO) forecasts global trade to grow only by 0.8 per cent in 2023.
All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, gems and jewellery, chemicals, garments, and engineering goods.
Sectors which registered positive growth include electronics, iron ore, and pharma. The other import segments whose inbound shipments are contracted include coal, coke; pearls, precious and semi-precious stones, and fertiliser.
However, gold imports increased by 21 per cent to $32.93 billion. Electronic goods' imports have risen to $57.83 billion during April-November 2023-24 against $51.89 billion in the same period last year.
The gold imports in November rose by 6.24 per cent to $3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to $14.93 billion.
Barthwal said the global trade is suffering but, "we are holding the fort". He added that GDP growth of many countries are "not so high", interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, "we are doing well".