India’s overall trade deficit for goods and services in November fell to $11.11 billion, lower than last year, data released by the Commerce Ministry showed. The overall trade deficit was $13.19 billion in November 2021.
Exports (merchandise and services combined) grew 10.97 per cent y-o-y to $58.22 billion, while the import in November grew 5.60 per cent to $69.33 billion. India’s overall exports in the April-November period grew 17.72 per cent y-o-y to $499.67 billion.
“As India’s domestic demand has remained steady amidst the global slump, overall imports in April-November 2022 is estimated to exhibit a growth of 29.47 per cent over the same period last year,” an official said.
Merchandise trade
Despite there being a modest recovery in merchandise exports, of 0.59 per cent y-o-y last month, the monthly merchandise trade deficit widened to $23.89 billion. On the other hand, merchandise imports surged by over 5 per cent y-o-y to $55.88 billion.
According to a government statement, merchandise exports exhibited a positive growth in 15 of the 30 sectors in November, while imports surged in 19. Categories that saw positive exports growth include electronic goods (54.48 per cent), rice (19.16 per cent), ceramic products and glassware (22.64 per cent), fruits and vegetables (25 per cent), cereal preparations and miscellaneous processed (22.75 per cent), other cereals (53.78 per cent), oil seeds (38.83 per cent), oil meals (17.55 per cent), tobacco (101 per cent) and tea (27 per cent).
Services sector
Services exports in November rose 27 per cent to $26.23 billion, while imports grew 6 per cent to $13.44 billion. The trade surplus stood at $45.74 billion.
During April to November 2022, services exports have grown to $204.41 billion as against $158.67 billion in the corresponding period last year. In services, the country has also recorded a trade surplus, so far this fiscal, at $87.32 billion as against a surplus of $68.16 billion in the year-ago period.