Exports flat at $31.99 bn in Nov, trade deficit at $23.89 bn
1 min read . Updated: 15 Dec 2022, 10:22 PM IST
Premium- Meanwhile, imports surged to $55.88 billion in November as against $53 billion in same month last year
India's merchandise exports recorded a flat growth at $31.99 billion in November as against $31.8 billion in the same month last year, while the merchandise trade deficit stood at $23.89 billion from $26.91 billion in the previous month, data released by the Ministry of Commerce & Industry showed on Thursday.
Meanwhile, imports surged to $55.88 billion in November as against $53 billion in same month last year.
Textile exports in India dropped due to global demand slowdown as high inflation across the developed world has reduced consumers' purchasing capacity, the government said.
Plastics exports also face challenging conditions in 2022 due to signs of recession in major markets – US and Europe.
Exports of plastic raw material have dropped as polymer producers prefer to sell in the domestic market since price realisations within India are currently better than the export market.
For poultry export, there is a reduction due to the bird flu, which has resulted in reduced demand from major importing countries, the government said.
The country's exports contracted by 16.65% to $29.78 billion in October this year. During April to November this year, exports stood at $295.26 billion as against $265.77 billion in the same month last year.
Imports stood at $493.61 billion during the eight months period of this fiscal. It was $381.17 billion during April-November 2021, the data showed.
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