NEW DELHI: India’s overall exports, merchandise and services combined, in November are estimated to be $62.58 billion, exhibiting a marginal positive growth of 1.23 per cent on a yearly basis, official data released on Friday showed. The overall exports during November 2022 were worth $61.82 billion.
Major contributors to export growth in November 2023, though marginal, include iron ore, gems and jewellery, drugs and pharmaceuticals, fruits and vegetables, meat, dairy and poultry products, mica, coal and other ores, minerals including processed minerals and cotton yarn/fabs, made-ups, handloom products, the Ministry of Commerce and Industry said in a release.
India’s overall exports so far in the financial year 2023-24 are estimated to be $499.46 billion, against $506.52 billion shipped out same period of last year. Electronic goods exports register a growth of 23.56 per cent at $17.74 billion during April-November 2023 as compared to $14.36 billion in April-November 2022.
Ceramic products and glassware exports record a growth of 20.90 per cent from $2.42 billion in April-November 2022 to $2.93 billion in April-November 2023. Drugs and pharma exports grew by 8.05 per cent in April-November 2023 at $17.92 billion from $16.59 billion in April-November 2022.
In November, the trade deficit, meaning the difference between exports and imports, narrowed to $5.30 billion from $10.52 billion. The trade deficit, or trade balance, so far in the fiscal is estimated to be $(-) 61.44 billion as against $ (-) 100.38 billion same period last year.
India’s overall exports in March ended the financial year 2022-2023 were worth $775.87 billion, a growth of over 14 per cent and almost $100 billion more than last year’s figures. In 2022-23, India’s merchandise and services exports rose 6.74 per cent and 27.86 per cent to $450.43 billion and $325.44 billion, respectively.
Among various steps the government took was to launch a Production Linked Incentive (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends. (ANI)