Exports drop 24% in November, imports shrink too

Contraction in exports continued for the 12th month in a row in November as outward shipments shrank 24.43 per cent to $ 20.01 billion amid a global demand slowdown.

Imports too declined 30.26 per cent to $ 29.79 billion in November over the same month last year.

Fall in imports has impact on the trade balance as deficit fell to $ 9.78 billion as against $ 16.23 billion in November 2014. However, the November trade deficit was marginally higher than $ 9.76 billion in October.

The trade deficit for April-November 2015-16 was estimated at $ 87.54 billion, lower than the deficit of $ 102.50 billion year-on-year.

As per the data released by the Commerce Ministry, gold imports in November fell 36.48 per cent to $ 3.53 billion. The import was $ 5.57 billion in the same month last fiscal.

On the export front, there was sharp decline in shipments of petroleum products (53.9 per cent), engineering goods (28.57 per cent), rice (37.12 per cent), iron ore (14.04 per cent) and gems and jewellery (21.52 per cent).

Import of coal, coke and Briquettes contracted 50.19 per cent to $ 876.65 million as against $ 1.75 billion in November last year.

Cumulative value of exports during April-November 2015-16 stood at $ 174.30 billion as against $ 213.77 billion in the same period last year, down 18.46 per cent.

The out-bound shipments in November last year was $ 26.48 billion.

Imports for April-November 2015-16 came in at $ 261.85 billion as against $ 316.28 billion previous year, a contraction of 17.21 per cent.

Oil imports in November were valued at $ 6.43 billion, down 44.99 per cent as against shipments of $ 11.69 billion a year ago. Non-oil imports were estimated at $ 23.35 billion, which was 24.7 per cent lower year-on-year.