Exports in April-November dip 17.84%, trade deficit narrows to USD 9.96 bn
By TIOL News Service
NEW DELHI, DEC 03, 2020: India's outbound trade declined by 17.84% during April-November this fiscal while imports contracted by 33.56%, said the Ministry of Commerce and Industry on Wednesday.
Exports contracted for the second months in a row, with a 9.1% fall to USD 23.43 billion in November 2020 as the pandemic hit consumer demand in Europe. Major export items that dragged down growth were segments such as petroleum products (-61.05%), leather and leather manufacturers (-29.8%), and cashew (-24.9%) while oil meals (70.54%), iron ore (68.15%) and rice (24.41%) saw positive growth.
Imports also contracted 13.3% in November to USD 33.39 billion, resulting in a trade deficit of USD 9.96 billion making India a net importer for the month. Items that drove imports include fruits and vegetable (66.81%), chemicals (36.08%) and vegetable oil (34.02%).
"In 2020-21, April to November, there has been a decline of 17.84% in our exports. If we exclude gems and jewellery and petroleum, then the declline is lower. In the sectors where economic activity is more meaningful in terms of value addition, there the decline is much lower," said Commerce Secretary Mr Anup Wadhawan at the Board of Trade meeting.
Commerce and Industry Minister Mr Piyush Goyal, who was also at the event, said that going forward, it is possible for India to achieve the export target of a trillion-dollar by 2025 as the economy is rapidly rebounding.