Business EconomyPosted at: Dec 16 2024 5:43PM


Merchandise exports dip 4.85 pc in November; trade deficit at USD 37.84 bn

New Delhi, Dec 16 (UNI) India's merchandise exports in November dipped by 4.85 percent to USD 32.11 billion versus USD 33.75 billion in the same month a year ago, according to government data released on Monday.
While the Imports for the month of November 2024 increased by 27 percent to USD 69.95 billion as against USD 55.06 billion in the year-ago month resulting in widening of trade deficit to USD 37.84 billion, the Ministry of Commerce & Industry said in a statement.
India’s total exports (Merchandise and Services combined) for November 2024 is estimated at USD 67.79 Billion, registering a positive growth of 9.59 percent vis-à-vis November 2023. Total imports (Merchandise and Services combined) for November 2024 is estimated at USD 87.63 Billion, registering a positive growth of 27.47 percent vis-à-vis November 2023, the Ministry said.
The cumulative value of merchandise exports during April-November 2024 grew 2.17 percent to USD 284.31 Billion, as compared to USD 278.26 Billion during April-November 2023.
Major drivers of merchandise exports growth in November 2024 includes Electronic Goods, Engineering Goods, Rice, Marine Products and RMG of all Textiles.
Electronic Goods exports increased by 54.72% from USD 2.24 Billion in November 2023 to USD 3.47 Billion in November 2024, while the Engineering Goods exports increased by 13.75% from USD 7.82 Billion in November 2023 to USD 8.90 Billion in November 2024.
According to the Ministry data, Rice exports increased by 95.18% from USD 0.59 Billion in November 2023 to USD 1.14 Billion in November 2024 and the Marine Products exports increased by 17.82% from USD 0.64 Billion in November 2023 to USD 0.76 Billion in November 2024.
RMG of all Textiles exports increased by 9.81% from USD 1.02 Billion in November 2023 to USD 1.12 Billion in November 2024, it added.
On the services front, the estimated value of services export for November 2024 is USD 35.67 Billion as compared to USD 28.11 Billion in November 2023. While the estimated value of services imports for November 2024 is USD 17.68 Billion as compared to USD 13.68 Billion in November 2023.
For the cumulative (April-November) period, the estimated value of service exports is USD 251.94 Billion as compared to USD 220.08 Billion in April-November 2023. While the estimated value of service imports during April-November 2024 is USD 132.47 Billion as compared to USD 116.01 Billion in April-November 2023.
The services trade surplus for April-November 2024 is USD 119.48 Billion as compared to USD 104.07 Billion in April-November 2023.
The cumulative overall exports during April-November 2024 is estimated at USD 536.25 Billion, as compared to USD 498.33 Billion in April-November 2023, with an estimated growth of 7.61%, the government data said.
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Tags: #Merchandise exports dip 4.85 pc in November; trade deficit at USD 37.84 bn
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