India’s goods exports in November 2023 contracted by 2.84% YoY to $33.9 billion, influenced by global economic and political challenges. Imports faced a steeper decline of 4.33% to $54.48 billion, reducing the trade deficit to $20.58 billion from the previous month’s record high. The commerce secretary attributed the situation to global conflicts and unchanged interest rates in major economies. Despite the challenging global trade scenario, exports outperformed global trends by a significant margin. Key sectors like gems and jewelry, electronic goods, and pharmaceuticals experienced growth, providing a mixed outlook for India’s trade amid global turmoil.
India’s November Exports Decline, Imports Contract Sharply, Narrowing Trade Deficit
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