November Records a 2.83% Fall in Merchandise Exports, Commerce Sec Expects Upturn

 New Delhi, Dec 16 (KNN) India experienced a 2.83 per cent decline in its merchandise exports during November, amounting to USD 33.90 billion on an annualized basis, revealed Sunil Barthwal, Secretary, Ministry of Commerce & Industry on Friday.

However, he added, the aggregate of exports, encompassing both goods and services, exhibited a 1.23 per cent year-on-year expansion in the respective month, amounting to USD 62.58 billion.

The Commerce Secretary foresees a "positive trend," drawing upon the United Nations Conference on Trade and Development's (UNCTAD) projection of a contraction in global trade to support his perspective.

“We are much above what UNCTAD has predicted. Although the global trade is suffering we are able to hold the fort,” he said.

Barthwal noted that the trend is evident as export growth contraction has narrowed, and the trade deficit is at its lowest in November this fiscal year, except for April.

India’s merchandise trade deficit decreased to USD 20.58 billion in November according to the official data as imports also fell by 4.33 per cent to USD 54.48 billion that month.

As per recent data, key sectors demonstrating year-on-year growth in merchandise exports for November 2023 include iron ore, fruits and vegetables, meat, dairy, and poultry products, mica, coal, handloom products, electronic goods, among others.

(KNN Bureau)