India’s exports up by 2.29% in Nov, imports up 10.44%

The Dollar Business Bureau 

Keeping the growth momentum for the third consecutive month, India’s merchandise exports grew 2.29% in November 2016 compared to the same month last year. On the other hand, high imports during the month led to a sharp rise in trade deficit. 

During November 2016, exports continue to show a positive growth of 2.29%, valued at $20 billion as compared to $19.56 billion during the same month last year, according to the data released by the Commerce Ministry.

During the period April-November of FY 2016-17, cumulative value of exports registered a slight growth of 0.10% due to a declining trend in merchandise exports from April to August, except a little increase in June. The exports during the 8-month period were $17.49 billion as against $17.47 billion over the same period last year.

In November 2016, non-petroleum exports increased by 2.1%, valuing $17.60 billion against $17.23 billion in corresponding month in 2015. During April-November period of this fiscal, non-petroleum exports were $15.57 billion against $15.29 billion during the same period in the last fiscal, registering a growth of 1.8%.

In November, the country’s imports grew 10.44% to $33.01 billion compared to $29.89 billion in November, 2015.

However, the cumulative value of imports for April-November period registered a negative growth of 8.44%. During the 8-month period, the imports were $24.11 billion as against $26.33 billion over the same period last year.

Overall the balance of trade has been improved, said the Commerce Ministry release.

Total trade deficit, taking merchandise and services into account, is estimated at $28.38 billion during April- November 2016-17, a decline of 41.11% than the level of $48.20 billion during the corresponding period last year.

Commenting on the data, SC Ralhan, President, Federation of Indian Export Organisations (FIEO) said, “The sentiment still remains low in the global market and factors like US Fed rate hike and demonetisation have also in some way added to the woes of the exporters, which may be seen in the figures of coming months.”