Merchandise exports fell 8.74 per cent in November, continuing a trend of negative growth after a short positive growth spurt in September. Exports last month were at $23.52 billion, as against $25.77 billion in the same month in 2019, data from the Commerce and Industry Ministry showed.
The drop was mainly on the back of decline in shipments of products like petroleum (-59.73 per cent), leather goods (-29.80 per cent), man made fabrics (-11.06 per cent), engineering goods (-8.12 per cent) and organic and inorganic chemicals (8.06 per cent).
Imports, too, fell 13.32 per cent to $33.39 billion in November from a year ago. The trade deficit narrowed to $9.87 billion against $12.75 billion in November 2019. However, the deficit rose sequentially from $8.78 billion in October.
According to Federation of Indian Export Organisations president Sharad Kumar Saraf, the drop in exports are a result of supply-side disruptions, including restricted container movement and declining petroleum exports due to its crashing prices.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines