Signalling a definitive reversal of the continuous decline in Indian exports earlier in the year, official data showed these grew for the third month in a row at $20 billion in November, an uptick of 2.29 per cent over $19.56 billion in November 2015.
Data released by the Commerce Ministry showed that the pace of increase of exports in November, however, slowed sequentially from the 9.59 per cent growth in October at $23.51 billion worth of merchandise exports that month.
Cumulatively for the April-November period, exports rose marginally by 0.1 per cent in dollar terms at $174.9 billion, as against exports of $174.7 billion over the same period last year.
The government said there was growth in exports for US (0.25 per cent) and Japan (9.81 per cent) but China and EU exhibited negative growth of (-10.15 per cent) and (-0.57 per cent) respectively for September 2016 over the corresponding period of previous year, as per latest WTO statistics.
“Non-petroleum exports in November 2016 were valued at $17.60 billion against $17.23billion in November 2015, an increase of 2.1 per cent,” a statement here said.
Imports during the month in question at $33.02 billion, were 10.44 per cent higher than the imports of $29.90 billion in October 2015.
Consequently, the trade deficit in November this year was $13 billion, as compared to the deficit of $10.34 billion during same month last year.
The wider deficit could pressure on the rupee at a time when there is a risk of global investors pulling capital out of risky emerging markets, attracted by the interest rate hike by the US federal reserve on Wednesday
Cumulative imports for April-November were worth more than $241.1 billion, which was a 8.44 per cent fall from over $263.31 billion worth imports recorded for the same period a year ago.
With global oil prices climbing back over $50 a barrel levels, India’s oil imports during November 2016 were valued at $6.84 billion, which was 5.89 per cent higher than oil imports valued at $6.46 billion in the corresponding period last year.
Non-oil imports in November rose by 11.70 per cent to $26.18 billion, from $23.44 billion in the same month of last year
The trade deficit cumulatively for April-November, however, declined to $66.18 billion against $88.57 billion in the same period of 2015-16.
As per Reserve Bank of India data on Thursday, services exports during October 2016 were valued at $13.113 billion, registering a fall of 4.79 per cent in dollar terms as compared to positive growth of 2.93 per cent in the ptrevious month.
Taking merchandise and services together, overall trade deficit for April-November 2016 is estimated at $28.38 billion, which is 41.11 per cent lower in dollar terms than the level of $48.20 billion during the same period last year.