Economy

Export growth at a crawl in November as gems/jewellery, engineering goods falter

Our Bureau New Delhi | Updated on December 14, 2018

Overall exports for the period April-November 2018-19 grew 11.58 per cent to $217.52 billion   -  K_K_Mustafah

Trade deficit widens to $16.67 billion; gold imports decline

Fall in exports of gems & jewellery and engineering goods, two major product groups, slowed down India’s export growth to 0.80 per cent in November with outbound shipments valued at $26.5 billion.

Trade deficit widened to $16.67 billion during the month, compared to $15. 1 billion in the same period last year as growth in imports was 4.31 per cent higher at $43.17 billion, according to figures released by the Commerce and Industry Ministry on Friday.

“The growth trend, it seems, is dependent on the base. Last November, export growth was 30 per cent which led to low growth this November. Similarly, exports were in the negative zone last October which resulted in robust growth figures in October 2018. Overall, in absolute terms, export performance is good,” said Ajay Sahai from the Federation of Indian Export Organisations.

Sahai said at the current pace, exports in 2018-19 would touch $340 billion compared to $304 billion in 2017-18.

Engineering goods, which is the second largest export item after petroleum products, posted a 16.35 per cent fall in exports in November to $5.9 billion while gems & jewellery exports fell 16.9 per cent to $2.79 billion.

Other items which posted fall in exports include marine products, leather goods, meat, dairy & poultry products, yarn, fruits, oil seeds, tea, coffee and rice.

Items which posted an increase in exports during the month include petroleum products, ready-made garments, carpets, pharmaceuticals and plastic.

Imports of products including petroleum & products, project goods, electronics, chemicals, coal, steel, plastic and machinery increased, while imports of gold, precious & semi-precious stones and transport goods decreased.

Overall exports for the period April-November 2018-19 grew 11.58 per cent to $217.52 billion. Imports during the period grew 14.71 per cent to $345.64 billion.

Trade deficit widened to $128.13 billion, compared to $106.37 billion in the same period last year.

Published on December 14, 2018

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