India’s overall exports recorded a year-on-year decline of 1.39% during the period of April to November, 2023.
Key Highlights
- Iron ores recorded the maximum growth among Indian exports, with a staggering 203.93% y-o-y rise from April to November, 2023.
- The exports of Cereals like Rye, Barley, Oats, etc. declined along with Gems and Jewellery.
- Even as exports declined, the trade deficit narrowed down due to a contraction in imports.
The recent data released by the Ministry of Commerce and Industry reveals that the overall exports of India recorded a negative growth of 1.39% during the period of April to November 2023 when compared with the corresponding period of 2022.
The overall exports of India, which include both Merchandise and Services Exports, have been estimated to be USD 499.46 Billion.
The commodity categories of ‘other cereals’, ‘Jute Mfg. including Floor Covering’, and ‘Gems & Jewellery’ recorded the maximum year-on-year decline in exports.
As per the official records, the ‘other cereals’ category in Indian exports includes products like Rye, Barley, Oats, Jowar, Bajra, and Ragi among others.
In contrast, the overall imports of India were estimated to be USD 560.90 Billion during the same period, recording a contraction of 7.58% as compared to 2022.
Thus, while the exports declined this year, the trade deficit declined due to a reduction in imports.
The ‘Cotton Raw & Waste’ and ‘Silver’ categories recorded the maximum decline in imports, down 63.97% and 53.80% respectively during the period as compared to the previous year.
However, the imports of gold and pulses increased during the April-November 2023 period, recording a growth of 21.01% and 98.12% respectively.
Indian Exports: Categories that remained positive
Within the Merchandise Indian Exports, 14 of the 30 key sectors recorded positive growth during April-November 2023.
One of the sectors that recorded the maximum year-on-year growth in exports during the period is the Iron Industry.
With a year-on-year growth of 203.93%, the ‘Iron Ore’ category secured the first spot in commodities that recorded positive growth.
The commodity categories that remained positive during the April-November period were as follows:
| Category | Percentage Growth (Decreasing Order) |
| Iron Ore | 203.93 |
| Oil Meals | 34.33 |
| Electronic Goods | 23.56 |
| Ceramic products & glassware | 20.90 |
| Fruits & Vegetables | 15.10 |
| Tobacco | 10.44 |
| Oil seeds | 9.56 |
| Drugs & Pharmaceuticals | 8.05 |
| Meat, Dairy and poultry products | 6.31 |
| Cereal Preparations & Miscellaneous Processed Items | 6.27 |
| Cotton Yarn/Fabs./made-ups, HandloomProducts etc. | 5.72 |
| Coffee | 4.72 |
| Spices | 3.34 |
| Cashew | 0.30 |
As the country is in talks with several countries for the signing of FTAs, the competitiveness of Indian exports will play a crucial role in determining the outcome of these pacts and whether or not they could be beneficial for domestic industries.
