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Snapping a double digit growth trend for the previous four months, merchandise exports rose just 5.86% at $24.61 billion in November year-on-year despite rupee depreciation. Exports were dragged down by slower growth in refinery, pharmaceutical and gems & jewellery products.
Not only exports rose in single digit compared to $23.25 billion in November, 2012, the inbound shipments also came down compared to each of the previous four months of 2012-13, which speaks volumes about external scenario.
However, the government expressed the hope that exports will see a turnaround in December again as shut down of some refineries due to regular maintenance work in November cast a shadow on their outbound shipments.
Besides, international crude oil prices fell by $5-7 a barrel in November, which took toll on exports as well, commerce secretary S R Rao said while releasing trade numbers today.
Rao further said," cost of diamonds significantly went up. So traders did not buy the commodity." However, he said now the rates have fallen and "we will come back on growth numbers."
The commerce secretary said exports of pharma products also got affected by domestic regulations on prices of essential products.
If the trend of significant rise in exports doesn't pick up in the coming months, it may have adverse impact on India's economic growth numbers since overseas demand was giving push to the economic expansion to an extent amid low consumer expenditure in the domestic market.
Imports fell by 16.37% at $33,83 billion in November compared to $40.45 billion in the same month of 2012-13.
Imports of non-oil imports had larger impact on contracting overall imports than oil. While inbound shipment of oil fell just 1.1% at $12,96 billion in November year-on-year, non-oil imports declined a whopping 23.69% at $20.86 billion.
On the other hand, non-oil imports declined 23.69% at $23.86 billion in November compared to $27.34 billion. Most of this decline came from a 80.49% fall in import of gold& jewellery at $1.05 billion against $ 5.4 billion over the period due to deliberate policy of the government to curb these inbound shipments to ensure lower trade and current account deficits.
Trade deficit came down by 46.45% at $9.21 billion in November against $17.20 billion a year ago.
| Merchandise Exports in absolute numbers and year-on-year growth | |||||||||||||||||||
| Apr, 12 | May, 12 | June, 12 | Jul, 12 | Aug, 12 | Sept,12 | Oct, 12 | Nov, 12 | Dec, 12 | Jan, 13 | Feb, 13 | Mar, 13 | Apr, 13 | May, 13 | June, 13 | July, 13 | Aug, 13 | Sept, 13 | Oct, 13 | Nov, 13 |
| $23.76 bn | $24,77 bn | $24,92bn | $23,14bn | $23.13bn | $24,90bn | $27.27bn | $23.25bn | $24,28bn | $25,59bn | $26,25bn | $30.84bn | $24.16bn | $24,5bn | $13.78bn | $25,83bn | $26,14bn | $27.68bn | $27.2bn | $24.61bn |
| 3.23% | (-)4.16% | (-)5.45% | (-)14.8% | (-)9.7% | (-)10.78% | (-)1.63% | (-)4.17% | (-)1.92% | 0.82% | 4,23% | 6.97% | 1,68% | (-)1.11% | (-)4.56% | 11.64% | 13% | 11.50% | 13.47% | 5.86% |
| Merchandise Imports in absolute numbers and year-on-year growth | |||||||||||||||||||
| Apr, 12 | May, 12 | June, 12 | Jul, 12 | Aug, 12 | Sept, 12 | Oct, 12 | Nov, 12 | Dec, 12 | Jan, 13 | Feb, 13 | Mar, 13 | Apr, 13 | May, 13 | June, 13 | July, 13 | Aug, 13 | Sept, 13 | Oct, 13 | Nov, 13 |
| $37,8bn | $41.73bn | $36.16bn | $40.62bn | $37.31bn | $42.05bn | $44,24bn | $40.45bn | $42,54bn | $45,58bn | $41,18bn | $41,16bn | $41.95bn | $44,64bn | $36.03bn | $38.1bn | $37.05 bn | $34.44bn | $37.83bn | $33.83bn |
| 3,83% | (-)7,36% | (-)13.46% | (-)7.61% | (-)5.08% | 5.09% | 7,37% | 6.35% | 6.26% | 6,12% | 2.65% | (-)2,87% | 10,.96% | 7% | (-)0.37% | (-)6.2% | (-)0.68% | (-)18.10% | (-)14.50% | (-)16.37% |
| Source:Commerce Department | |||||||||||||||||||
