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  1. Exports drop 24% in November, imports shrink too

Exports drop 24% in November, imports shrink too

Contraction in exports continued for the 12th month in a row in November as outward shipments shrank 24.43 per cent to USD 20.01 billion amid a global demand slowdown.

By: | New Delhi | Published: December 15, 2015 9:03 PM
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Oil imports in November were valued at USD 6.43 billion, down 44.99 per cent as against shipments of USD 11.69 billion a year ago. (Reuters)

Contraction in exports continued for the 12th month in a row in November as outward shipments shrank 24.43 per cent to USD 20.01 billion amid a global demand slowdown.

Imports too declined 30.26 per cent to USD 29.79 billion in November over the same month last year.

Fall in imports has impact on the trade balance as deficit fell to USD 9.78 billion as against USD 16.23 billion in November 2014. However, the November trade deficit was marginally higher than USD 9.76 billion in October.

The trade deficit for April-November 2015-16 was estimated at USD 87.54 billion, lower than the deficit of USD 102.50 billion year-on-year.

As per the data released by the Commerce Ministry, gold imports in November fell 36.48 per cent to USD 3.53 billion. The import was USD 5.57 billion in the same month last fiscal.

On the export front, there was sharp decline in shipments of petroleum products (53.9 per cent), engineering goods (28.57 per cent), rice (37.12 per cent), iron ore (14.04 per cent) and gems and jewellery (21.52 per cent).

Import of coal, coke and Briquettes contracted 50.19 per cent to USD 876.65 million as against USD 1.75 billion in November last year.

Cumulative value of exports during April-November 2015-16 stood at USD 174.30 billion as against USD 213.77 billion in the same period last year, down 18.46 per cent.

The out-bound shipments in November last year was USD 26.48 billion.

Imports for April-November 2015-16 came in at USD 261.85 billion as against USD 316.28 billion previous year, a contraction of 17.21 per cent.

Oil imports in November were valued at USD 6.43 billion, down 44.99 per cent as against shipments of USD 11.69 billion a year ago.

Non-oil imports were estimated at USD 23.35 billion, which was 24.7 per cent lower year-on-year.

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Tags: Oil
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