Exports slip for second straight month in November

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.

By: ENS Economic Bureau

New Delhi | December 16, 2020 03:36 AM IST

1 min read

The total exports from Pune in the first two quarters of this fiscal has been Rs 4,662.38 crore, of which engineering goods had the lion’s share. The export plan for the district talks of development of Pune as a major hub for agricultural good also.

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.

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India economy