Growth in India’s goods exports slowed down in November 2021 to 26.49 per cent (year-on-year) totalling $29.88 billion with items such as gems & jewellery and pharmaceuticals registering a decline.

India’s increase in import of goods in November 2021 was a sharper 57.18 per cent at $53.15 billion more than doubling the trade deficit to $23.27 billion, as per early estimates shared by the Commerce Department on Wednesday.

Goods exports in October 2021 at $35.47 billion (42.33 per cent increase over October 2020) was higher than the total goods exports in November.

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In the April-November 2021 period, the total goods export at $262.46 billion, was 50.71 per cent higher than exports in the same period last year.

Non-petroleum exports

Imports in April-November 2021 grew by 75.39 per cent to $384.44 billion widening the trade deficit to $121.98 billion. Value of non-petroleum exports in November 2021 was $26.06 billion posting a growth of 18.1 per cent over the same month last year.

Sectors posting an increase in exports in November 2021 include engineering goods, petroleum products, chemicals, electronic goods, cotton yarn, fabrics, textiles, marine products and plastics.

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Sectors posting an increase in imports include petroleum, gold, electronics, coal, machinery, chemicals and vegetable oil.

Uncertain outlook

An UNCTAD report published on Tuesday pointed out that the trade outlook for 2022 remained very uncertain, due to slowing economic recovery, disruptions of logistics and rise in shipping costs, global semiconductor shortage, regionalisation of trade flows, debt burden and governmental policies affecting international trade.

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