India’s exports contract to $26 billion, Imports decline to $38 billion in Nov

TIL Desk/Business/New Delhi/ India’s exports contracted for the fourth month in a row in November, dipping 0.34 per cent to USD 25.98 billion, mainly on account of poor shipments of petroleum, gems and jewellery and leather products. Imports too declined by 12.71 per cent to USD 38.11 billion in November, narrowing the trade deficit to USD 12.12 billion, according to government data released on Friday.

Gold imports increased by 6.59 per cent to USD 2.94 billion in the month. The trade deficit stood at USD 17.58 billion in November 2018. Out of the 30 key sectors, as many as 17 segments showed contraction in exports during the month under review. Shipments of petroleum products, gems and jewellery, fruits and vegetables, leather and leather products and ready-made garments of all textiles contracted by 13.12 per cent, 8.14 per cent, 15.10 per cent, 5.29 per cent and 6.52 per cent respectively.

In November, oil imports declined by 18.17 per cent to USD 11.06 billion, while non-oil imports contracted 10.26 per cent to USD 27.04 billion. Cumulatively, during April-November 2019, exports were down 1.99 per cent to USD 211.93 billion while imports contracted by 8.91 per cent to USD 318.78 billion.