India's exports drop 2.83% in November; trade deficit narrows to $20.58 billion

The cumulative trade deficit for April-November 2023 was estimated at $166.35 billion, indicating a positive shift from the $189.21 billion reported during the same period in the previous fiscal year.

Sectors that registered positive growth include electronics, iron ore, and pharma. The other import segments whose inbound shipments contracted include coal, coke; pearls, precious and semi-precious stones; and fertiliser.

However, gold imports increased by 21% to $32.93 billion. Electronic goods' imports have risen to $57.83 billion during April-November 2023-24 against $51.89 billion in the same period last year. The gold imports in November rose by 6.24% to $3.44 billion. Oil imports during the month, however, dipped by 8.47% to $14.93 billion.

Exports in October had grown by 6.21%. According to the data, the estimated value of services exported for November is $28.69 billion, compared to $26.93 billion in November 2022. During the eight-month period, these exports stood at $220.66 billion against $208.30 billion in April-November 2022.