Trade deficit in Nov jumps to $22.91 billion

India's merchandise exports jumped 27.16 per cent to $30.04 billion in November on the back of good performance by sectors like petroleum products, engineering goods and electronic items, official data showed on Tuesday.

The exports stood at $23.62 billion in November 2020.

Imports in November were at $52.94 billion, showing an increase of 56.58 per cent over inbound shipments of $33.81 billion in the year-ago month.

Gold imports rose nearly 40 per cent to $4.22 billion as against 3.02 billion in November 2020.

As per the data released by the ministry of commerce and industry, November trade deficit stood at $22.91 billion.

This compares with $10.19 billion in November 2020.

Merchandise exports for April-November 2021 were at $263.57 billion, up 51.34 per cent over $174.16 billion during the corresponding period last year.

Imports during the period totalled $384.34 billion, an increase of 74.84 per cent over April-November 2020 when it was $219.82 billion.

"The merchandise trade balance for April-November 2021 was estimated at $(-) 120.76 billion as against $(-) 45.66 billion in April-November 2020, which is a decline of (-) 164.49 per cent," said a release issued by the ministry.

Exports of petroleum products during November climbed 154.22 per cent at $3.95 billion on a yearly basis. Outward shipments of engineering goods rose to nearly $8 billion, up about 37 per cent over the same month last year.

As per the data, exports of electronic goods rose from $1.12 billion in November last to $1.45 billion during the month under review, up 29.83 per cent.

Shipments of organic and inorganic chemicals jumped 32.54 per cent to $2.24 billion.

On the imports front, inbound shipments of 'coal, coke and briquettes' stood at $3.57 billion, rising 135.81 per cent over November 2020.

Imports of 'petroleum, crude and products' too surged 132.43 per cent at $14.67 billion.

The import of vegetable oil shot up by 78.82 per cent to $1.75 billion.

The release further said the estimated value of services export for November 2021 was $20.33 billion, up 16.88 per cent over the same month last year ($17.39 billion).

The estimated value of services import was $11.81 billion, a growth of 20.71 per cent over November 2020 ($9.78 billion).

India's overall exports (merchandise and services) in November were estimated to be $50.36 billion, exhibiting a growth of 22.80 per cent over the same period last year.

Non-petroleum and non-gems and jewellery exports in November rose 22.26 per cent to $23.68 billion.

Non-petroleum, non-gems and jewellery (gold, silver and precious metals) imports were $31.82 billion, a growth of 40.64 per cent from $22.63 billion in November 2020.