Trade deficit narrows to $20.58 billion in November 2023 as imports decline

Export Import Data Update: The trade deficit narrowed to $20.58 billion in November 2023 due to a decline in imports. India’s merchandise exports were $33.90 billion in November 2023, down from $34.89 billion in November 2022. In November 2023, India imported merchandise worth $54.48 billion, while in November 2022 it imported merchandise worth $56.96 billion. Imports have decreased by 4.3 percent compared to last year.

The Ministry of Commerce has released the trade data for the month of November. According to the data, exports, including both merchandise and services, rose 1.23 percent to $62.58 billion, compared to $61.82 billion in November 2022. The combined import of both merchandise and services was $67.88 billion in November 2023 as against $72.34 billion in November 2022. Including goods and services, the trade deficit was $5.30 billion in November 2023 as against $10.52 billion in the same month of 2022.

According to the data, exports, including merchandise and services, for April-November 2023-24 were $499.46 billion, down 1.39 percent from April-November 2022. While the value of imports during April to November was 560.90 billion dollars and it has decreased by 7.57% compared to the same period last year.

The Ministry of Commerce has said in its data that the trade deficit has improved by 38.79% between April and November. During this period of the current financial year, the trade deficit was 61.44 billion dollars, which was 100.38 billion dollars in the same period last year. Ore, gems and jewellery, drugs and pharmaceuticals, meat, dairy and poultry products, mica and coal have contributed significantly to increasing exports from India.

According to the data, exports of electronics products have increased by 23.56 percent and stood at $17.74 billion as against $14.36 billion in the same period last year.

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