India registered a record trade deficit of $37.8 billion in November with exports contracting 4.85% to $32.1 billion while imports increased by 27% to $69.95 billion.
In November, the merchandise exports were USD 32.11 Billion as compared to USD 33.75 Billion in November 2023 while the merchandise imports were USD 69.95 Billion as compared to USD 55.06 Billion.
Further, the merchandise trade deficit during April-November 2024 was USD 202.42 Billion as compared to USD 170.98 Billion during April-November 2023.
The estimated value of services exported for November 2024* is USD 35.67 Billion as compared to USD 28.11 Billion in November 2023.
Commerce Ministry data said the estimated value of services imports for November is USD 17.68 Billion as compared to USD 13.68 Billion last year.
Some of the key commodities that witnessed positive growth in terms of exports were Rice (95.18%), Electronic Goods (54.72%), Tobacco (50.48%), and Jute Mfg. Including Floor Covering (36.13%), Cashew (23.61%), Meat, Dairy & Poultry Products (21.38%), Marine Products (17.82%), Coffee (16.31%), Tea (15%), Engineering Goods (13.75%), among others.
It is to be noted that the World Trade Organization (WTO) has revised downwards its projection of world merchandise trade growth to 3% in 2025, from its earlier estimate of 3.3%. For 2024, it revised upwards its forecast for merchandise trade growth to 2.7% – up slightly from the previous estimate of 2.6%.