India's November exports marginally up, imports rise over 4%

India`s merchandise exports grew marginally in November on a year-on-year basis, official data showed on Friday.

According to a data released by the Ministry of Commerce and Industry, India`s November 2018 exports increased to $26.50 billion from $26.29 billion reported for the corresponding month of 2017.

"Cumulative value of exports for the period April-November 2018-19 was $217.52 billion as against $194.93 billion during the period April-November 2017-18, registering a positive growth of 11.58 per cent in dollar terms," the Ministry said in its review statement.

"Non-petroleum and non-gems and jewellery exports in November 2018 were $18.57 billion, as compared to $19.32 billion in November 2017, exhibiting a negative growth of 3.93 per cent."

As per the data, petroleum products, organic and inorganic chemicals, drugs and pharmaceuticals and electronic goods showed a high export growth during the month under review.

On the other hand, imports in November grew by 4.31 per cent to $43.17 billion.

"Oil imports in November 2018 were $13.49 billion, which was 41.31 per cent higher in dollar terms, compared to $9.55 billion in November 2017," the statement said. 

Global Brent crude oil price increased by 4.16 per cent in November 2018 vis-à-vis November 2017.

"Non-oil imports in November 2018 were estimated at $29.68 billion which was 6.79 per cent lower in dollar terms, compared to $31.84 billion in November 2017," the statement said. 

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"Non-oil and non-gold imports were $26.92 billion in November 2018, recording a negative growth of 5.78 per cent, as compared to non-oil and non-gold imports in November 2017."

Consequently, India`s merchandise trade deficit widened to $16.67 billion last month as against $15.10 billion in the corresponding period of the previous year.

"The decline in the merchandise trade deficit in November 2018 relative to the previous month, which is largely along expected lines, benefited to a significant extent from the sharp correction in crude oil prices," said Aditi Nayar, Principal Economist, ICRA. 

"If crude oil prices remain relatively stable around current levels, the merchandise trade deficit is likely to average a lower $14 billion in the remaining months of FY2019, compared to $16 billion in the first eight months of this fiscal."