India’s exports dropped by 2.83 per cent to $33.90 billion in November this year compared to $34.89 billion a year ago, according to a government data released on Friday. Imports also slipped to $54.48 billion in the month under consideration, as against $56.95 billion recorded in November 2022.
India’s trade deficit in November now stood at $20.58 billion. During the April-November period of this fiscal year, exports contracted by 6.51 per cent to $278.8 billion. Imports during the eight-month period fell by 8.67 per cent to $445.15 billion.
Commerce Secretary Sunil Barthwal said that despite the global slowdown, India’s export numbers are doing good.
India’s exports were in a red zone from February to July. After a revision of numbers by the commerce ministry, the shipments showed 3.88 per cent positive growth in August, but in September it contracted by 2.6 per cent. The World Trade Organisation (WTO) forecasts global trade to grow only by 0.8 per cent in 2023.