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Exports Register 30% Growth In November; Trade Deficit High
After the GST Council's efforts ease concerns around exporters refund, exports have gained momentum in the country and with gap between exports and imports has narrowed.
After the GST Council's efforts ease concerns around exporters refund, exports have gained momentum in the country. In the month of November, exports surged by 30.55% after declining 1.1% in the previous month.
For the November month, the outbound shipment was $26.19 billion in comparison to $20.06 billion in the corresponding period a year ago.Low base effect and increasing price of petroleum products are other triggers which boosted exports and 80% of the increase in merchandise exports is attributed to petroleum products, engineering goods, chemicals and gems and jewellery.
Imports also rose by 19.6% to $40.02 billion, recording a three-month high in November month primarily owing to increase in import of oil.
With it, the trade deficit stands at $13.82 billion for November month and is likely to create pressure on CAD which was 1.2% of GDP for the second quarter.
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