Image Courtesy: Mint
According to figures issued by the Ministry of Commerce & Industry on Thursday, India’s exports of goods increased by a flat $31.99 billion in November compared to $31.8 billion in the same month last year, while the country’s merchandise trade deficit decreased to $23.89 billion from $26.91 billion.
In contrast, imports increased to $55.88 billion in November from $53 billion in the corresponding month previous year.
According to the government, a slowdown in global demand and lower consumer spending power caused by rising inflation in developed nations worldwide led to a decline in textile exports from India.
Due to concerns of a recession in the two biggest markets, the US and Europe, plastics exports will also confront difficult circumstances in 2022.
Plastic raw material exports have decreased as polymer companies choose to sell in the local market since price realisations in India are now higher than in the export market.
According to the government, there is a decrease in poultry export owing to bird flu, which has resulted in lower demand from key importing countries.
In October of this year, the country’s exports fell by 16.65% to $29.78 billion. Exports totaled $295.26 billion from April through November of this year, compared to $265.77 billion in the same month last year.
During the first eight months of current fiscal year, imports totaled $493.61 billion. According to the data, it was $381.17 billion from April to November 2021.
