Exports rise 2.29 per cent to USD 20 billion, imports jump 10 per cent in November

Expanding for the third straight month, exports rose 2.29 per cent to USD 20 billion in November on account of healthy growth in shipments of petroleum products and engineering goods.

Exports of engineering products rose by 14.10 per cent, petroleum by 5.73 cent and chemicals by 8.3 per cent compared to the same month last year, according to official data released on Thursday. Imports too increased by 10.44 per cent to USD 33 billion, leaving a trade deficit of USD 13 billion in November.

The country’s merchandise exports during April-November period of the current fiscal too recorded a growth of 0.10 per cent to USD 174.92 billion.

Imports, however, contracted by 8.44 per cent to USD 241.1 billion, leaving a trade deficit of USD 66.17 billion. Gold imports during the month increased by 23.24 per cent to USD 4.36 billion.

Oil imports in November grew by 5.89 per cent to USD 6.83 billion. Non-oil imports rose by 11.7 per cent to USD 26.18 billion. Since December 2014, exports fell for 18 consecutive months till May 2016 due to weak global demand and slide in oil prices.

Shipments witnessed growth only in June this year, but again slipped in July and August. Exports started recording positive growth from September.