India's Exports Witness Modest Growth At $32 Bn In November

After registering a sharp contraction in October, India's merchandise exports recorded modest growth in November 2022, according to the data released by the Ministry of Commerce and Industry.

After contracting 16.7 per cent year on year (YoY) to USD 29.8 billion in October, merchandise exports last month were USD 31.99 billion as compared to USD 31.80 billion in November 2021.

"Merchandise imports in November 2022 were USD 55.88 billion, as compared to USD 53.03 billion in November 2021," as per the data.

India’s overall export (merchandise and services combined) stood at USD 58.22 billion in November 2022, a growth of 10.97 per cent over the same period last year.

Overall imports in November 2022 stood at USD 69.33 billion, a growth of 5.60 per cent over the same period last year, it added.

The ministry's data showed that this development helped India's trade deficit to narrow month on month. The trade deficit stood at USD 23.89 billion, down from USD 26.91 billion in October. 

During April-November 2022, India's exports were at USD 295.26 billion against USD 265.77 billion in the same period last year, a growth of 11 per cent.

As per the data, non-petroleum and non-gems and jewellery exports in November 2022 were USD 24.09 billion compared to USD 23.91 billion in November 2021.

"Non-petroleum, non-gems and jewellery (gold, silver and precious metals) imports were USD 34.45, compared to USD 32.33 billion in November 2021," it added.