Thursday, 10 Oct, 2024
The services trade surplus for April-November 2023 is estimated at $104.91 Billion as against $88.83 Billion in April-November 2022. Image Source: IANS
Merchandise exports in November 2023 were $33.90 Billion, as compared to $34.89 Billion in November 2022. Talking about the merchandise imports in the month of November 2023 were $54.48 Billion, as compared to $56.95 Billion in November 2022.
According to the latest trade data released by the Ministry of Commerce and Industry, India’s overall exports (Merchandise and Services Combined) in the month of November 2023 have increased by around 1.23 percent year-on-year from $61.82 billion in November 2022 to $62.58 billion in November 2023. New Delhi’s merchandise exports in November 2023 stood at $33.90 billion as compared to $34.89 billion in November 2022. Talking about the service exports made by the country, it registered a positive growth as New Delhi exported more services in November 2023 as compared to the same month in 2022. Coming over to the imports, the value of overall imports in November 2023 was $67.88 billion, exhibiting a negative growth of -5.30 percent over November 2022. India had imported goods and services worth $72.34 billion in November 2022.
Source: Press Information Bureau
The month of December registered the highest exports of goods and services. December 2022 recorded exports worth $69.32 billion, highest in the previous financial year followed by June 2022 when the exports were recorded at $69.21 billion. On the other hand, the lowest exports worth $56.97 billion were recorded in the month of October. India’s total exports in the month of March 2023 stood at $66.14 billion. Though India’s total exports increased in the month of March to $66.14 billion from $63.02 billion in February, the exports in March 2023 declined by 7.53 percent as compared to March 2022. India’s total exports in the month of March 2022 stood at $71.52 billion. Talking about November 2023, India’s total exports stood at $62.58 billion.
When it comes to merchandise exports, 15 of the 30 key sectors exhibited positive growth in November 2023 as compared to same period last year (November 2022). In October 2023, 22 of the 30 key sectors had exhibited a positive growth. These include Iron Ore (2207.38 percent), Fruits & Vegetables (31.14 percent), Meat, Dairy & Poultry Products (19.91 percent), Oil Meals (17.22 percent), Mica, Coal & Other Ores, Minerals Including Processed Minerals (16.62 percent), Gems & Jewellery (11.97 percent), Spices (11.3 percent), Coffee (11 percent), Drugs & Pharmaceuticals (7.33 percent), Cotton Yarn/ Fabs. /Made-Ups, Handloom Products Etc. (6.33 percent), Cereal Preparations & Miscellaneous Processed Items (5.9 percent), Carpet (4.22 percent), Ceramic Products & Glassware (2.17 percent), and Handicrafts Excl. Hand Made Carpet (1.17 percent) and Electronic Goods (1.09 percent).
Overall Trade during November
Source: Press Information Bureau
Non- petroleum and non-gems & jewellery exports during April-November 2023 was $202.05 Billion, as compared to $206.54 Billion in April-November 2022.
Merchandise exports in November 2023 were $33.90 Billion, as compared to $34.89 Billion in November 2022. Talking about the merchandise imports in the month of November 2023 were $54.48 Billion, as compared to $56.95 Billion in November 2022.
Merchandise Trade during November
Source: Press Information Bureau
“The trade deficit of November is above normal. We usually have a large merchandise trade deficit. It is difficult to assume the future scenario, as it depends on what happens at the global economy (level)," said Pronab Sen, former country director for the India Programme of the International Growth Centre (IGC).
Under merchandise imports, 15 out of 30 key sectors exhibited negative growth in November 2023. These include Pearls, Precious & Semi-Precious Stones (-56.71 percent), Fertilisers, Crude & Manufactured (-38.91 percent), Cotton Raw & Waste (-37.4 percent), Vegetable Oil (-37.24 percent), Newsprint (-31.92 percent), Pulp And Waste Paper (-24.41 percent), Transport Equipment (-18.58 percent), Organic & Inorganic Chemicals (-16.54 percent), Wood & Wood Products (-14.5 percent), Chemical Material & Products (-10.58 percent), Coal, Coke & Briquettes, Etc. (-10.39 percent), Petroleum, Crude & Products (-8.47 percent), Textile Yarn Fabric, Made-Up Articles (-7.54 percent), Artificial Resins, Plastic Materials, Etc. (-5.57 percent) and Sulphur & Unroasted Iron Pyrites (-4.62 percent).
The estimated value of services export for November 2023 is $28.69 Billion, as compared to $26.93 Billion in November 2022. The estimated value of services import for November 2023 is $13.40 Billion as compared to $15.39 Billion in November 2022.
Service Trade during November
Source: Press Information Bureau
The country’s service trade in FY2022-23 was recorded at $322.72 billion as compared to $254.53 billion in FY2021-22. In case of import of services, in FY2022-23 services worth $177.94 were imported as compared to $147.01 billion in FY2021-22. The data clearly indicates that the trade of services is extremely beneficial for India as the India has a trade surplus in case of services unlike the merchandise. In case of merchandise, India has been experiencing a trade deficit whereas in the case of service trade, it has been recording a trade surplus of $144.78 in FY2022-23 as against $107.52 billion in FY2021-22.
Source: Press Information Bureau
Merchandise exports for the period April-November 2023 were $278.80 Billion as against $298.21 Billion during April-November 2022. Coming over to the merchandise imports from April-November 2023, the figure was $166.35 Billion as against $189.21 Billion during April-November 2022. The merchandise trade deficit for April-November 2023 was estimated at $166.35 Billion as against $189.21 Billion during April-November 2022. Services worth $220.66 billion were exported in the period from April-November 2023 as compared to $208.30 in the same period in the previous year. Talking about service imports from April-November 2023, services worth $115.75 were imported as compared to $119.48 Billion in April-November 2022. The services trade surplus for April-November 2023 is estimated at $104.91 Billion as against $88.83 Billion in April-November 2022.
