India’s Exports Rebound in November After October Decline

New Delhi, November 26: India’s merchandise exports have recorded a recovery in the month of November. This comes after the exports saw a sharp decline last month. The announcement of the recovery was made by Commerce and Industry Minister Piyush Goyal in New Delhi on Tuesday.

Exports Turn Positive Until November 21

According to the estimates shared by the minister, merchandise exports were positive until November 21, in comparison to the same period last year. The positive performance comes after the exports declined by 11.8% in October to 34.38 billion dollars. The main reason for the decline last month was the 50% tariff imposed by the US on imports from India.

As per the minister, sectors such as seafood, saw good recovery until November 21, leading to a better export performance.

For the April to October period of the current fiscal year, exports rose by 0.63% to 254.25 billion dollars. Imports during the same period increased 6.37% to 451.08 billion dollars.

Focus on Strengthening SEZ Competitiveness

Commenting on special economic zones, Goyal said interministerial consultations are underway to enhance the competitiveness of SEZ units. He added that surplus capacity in these zones can be leveraged to reduce imports from countries such as China and ASEAN members.

What’s Next?

India will now focus on ensuring that this export performance continues in the coming months. The Indian government is working on strengthening the special economic zones, so that Indians can be less dependent on imports from countries like China. If sectors such as seafood continue to grow positively, merchandise exports may increase further in the coming months. However, it remains to be seen if India and the US can agree on a better trade agreement, without any fresh tariffs on Indian exports.

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