Exports jump 30.55% to $26.19 billion in November; trade deficit widens

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India’s exports rose 30.55 percent to USD 26.19 billion in November, reversing the decline witnessed in October, helped by robust growth in shipments of gems and jewellery and engineering goods.

Exports had witnessed a decline of 1.12 percent to USD 23 billion in October this year, retreating from a six-month high growth rate in September.

On year-on-year basis, the country’s outward shipments in November 2016 stood at USD 20.06 billion.

Imports too grew 19.61 percent to USD 40 billion in November from USD 33.46 billion in the same month last year, the Commerce Ministry data released on Friday showed.

The trade deficit widened to USD 13.82 billion as against USD 13.39 billion in November 2016. Meanwhile, gold imports dropped by 25.96 percent to USD 3.26 billion last month.

Oil imports and non-oil imports in November grew 39.14 percent and 14.57 percent to USD 9.55 billion and USD 30.47 billion respectively.

Cumulative exports during April-November 2017-18 increased by 12.01 percent to USD 196.48 billion, while imports grew 21.85 per cent to USD 296.45 billion, leaving a trade deficit of nearly USD 100 billion.

In November, gems and jewellery, drugs and pharmaceuticals, organic and inorganic chemicals and engineering exports grew by 32.69 percent, 13.39 percent, 54.28 percent and 43.76 percent, respectively.