Economic News

India’s exports fell 9% in Nov, in second straight month of decline

By Administrator_ India

Capital Sands

India’s exports reduced by 9.07 per cent in November, in a second straight month of decline, as major markets continued to be impacted by Covid-19. The outbound shipment in November this year stood at $23.43 billion, against $25.77 billion in the same month a year earlier, official data showed today.

In October, the country’s exports had declined by 5.1 per cent, after a rise of around six per cent the previous month. In September, exports had risen after six months of continuous decline, giving a temporary hope of a turnaround in outbound shipments.

Imports, on the other hand, contracted 13.33 per cent in November to $33.39 billion, against $38.52 billion in the same month of 2019.

As such, trade deficit during the month stood at $9.96 billion, lower than the $11.75 billion recorded in October. Compared with the $12.75 billion in November 2019, trade deficit in November this year was 21.93 per cent lower.

Non-oil non-gold and related imports declined by 0.84 per cent, at a smaller rate than 4.9 per cent in October. This category of imports indicates demand for industrial products. So, some recovery in industrial production may be on the cards. The index of industrial production  had risen by 0.2 per cent in September after months of decline.

The export of major foreign exchange earners like pharmaceuticals rose 11.3 per cent, gems and jewellery by 4.11 per cent and electronic goods by 0.95 per cent. On the other hand, petroleum products declined 61.05 per cent, and engineering goods 8.27 per cent. Labour-intensive leather and its products fell by 29.8 per cent.

Related posts
Economic NewsEconomy NewsNews

650% Surge: Multibagger Stock Declares 1:1 Bonus.

Extra offers 2023: Thangamayil Gems shares are one of the multibagger stocks that Indian financial…
Read more
Economic NewsEconomy News

Non-Taxable Income! Charge isn't relevant to these 5 income

The Annual Duty Division in India charges no assessment on pay acquired through specific means.
Read more
Economic News

European Stocks Largely Flat; Ryanair Reports Record June Numbers

European stock markets traded largely unchanged Tuesday, with investors searching for cues given a…
Read more
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you. [mc4wp_form id="729"]

Leave a Reply

Your email address will not be published. Required fields are marked *