Correct Answer : $21 Billion
In November 2023, India experienced a 2.83% decline in merchandise exports, totaling $33.90 billion, while the trade deficit narrowed to $20.58 billion.
India’s economic landscape in November 2023 witnessed a decline in merchandise exports by 2.83%, totaling $33.90 billion, compared to $34.89 billion in the corresponding month the previous year. This downturn, however, contributed to a positive trend in the trade deficit, which narrowed to $20.58 billion, as revealed by government data released by the Commerce Ministry.
Trade Scenario Overview (April-November 2023) :
* Export Contraction : The overall merchandise trade scenario for April-November 2023 depicted a 6.51% contraction in exports, amounting to $278.80 billion.
* Import Reduction : Imports experienced a 4.33% reduction, standing at $54.48 billion in November 2023. Import figures for the cumulative period of April-November 2023 recorded an 8.67% decrease, reaching $445.15 billion.
Factors Influencing Imports :
* Oil Imports Decline : The decrease in imports was notably attributed to a significant decline in oil imports, falling from $139.29 billion in April-November 2022-23 to $113.65 billion in the corresponding period of FY2023-24.
* Positive Trade Deficit Shift : The cumulative trade deficit for April-November 2023 was estimated at $166.35 billion, showcasing a positive shift from the $189.21 billion reported during the same period in the previous fiscal year.
Sectoral Performance :
* Positive Growth Sectors : Sectors such as electronics, iron ore, and pharmaceuticals registered positive growth.
* Contracting Import Segments : Conversely, segments experiencing a decline in inbound shipments included coal, coke; pearls, precious and semi-precious stones; and fertilizers.
Specific Import Details :
* Gold Imports Increase : Gold imports recorded a notable increase of 21% to $32.93 billion.
* Electronic Goods : Imports of electronic goods rose to $57.83 billion during April-November 2023-24, compared to $51.89 billion in the same period last year.
Monthly Fluctuations :
* Gold Imports in November : In November, gold imports saw a 6.24% rise, reaching $3.44 billion.
* Oil Imports in November : However, oil imports during the month dipped by 8.47% to $14.93 billion.
Export Performance in October :
* October Growth : In contrast to November, exports in October had shown a growth of 6.21%.
Services Export Overview :
* Estimated Service Exports : The estimated value of services exported for November is $28.69 billion, compared to $26.93 billion in November 2022.
* Eight-Month Period : Over the eight-month period, service exports stood at $220.66 billion against $208.30 billion in April-November 2022.
