New Delhi. Despite global challenges and pressures like US tariffs, India has proved its strength on the international trade front. The latest government data for November indicates that India is not only growing with new trading partners but is also maintaining its hold in traditional markets.
Historic performance of exports in November
India’s exports in November reached $38.13 billion with a sharp growth of about 19.4 percent. This is the highest monthly level in the last ten years. The special thing was that the decline in October was compensated by the strong performance of November. On the contrary, there was a slight decline in imports and it came down to $62.66 billion. If we look at the period from April to November, India’s total exports crossed $292 billion, while imports stood at around $515 billion. It is clear that even amidst global uncertainties, Indian exporters have maintained their momentum.
Big relief in business losses also
There were also positive signs on the trade deficit front in November. While market experts were expecting a loss of more than $30 billion, the actual figure came down to around $24.5 billion. This is the lowest trade deficit in the last five months. The major reason for this decline is believed to be the decrease in imports of gold, crude oil and coal, which reduced the pressure on the import bill.
Increase in exports to America also
Despite the high tariffs imposed by America, the increase in India’s exports there is an important sign. Indian exports to the US in November stood at about $6.9 billion, which is about 10 percent more than the previous month. On year-on-year basis this increase was more than 20 percent. It is clear from this that Indian products maintain their relevance in the American market.
Support from services sector also
Along with exports of goods, the services sector also remains a strength for India. Services exports in November were estimated at around $36 billion, while imports stood at around $18 billion. This led to a large surplus in services trade, which further strengthened the overall trade balance.
Government steps and strategies
The Central Government has taken several policy steps to reduce the impact of global tariff pressure. These include measures like relief in consumer taxes, export promotion packages and labor reforms. Also, talks are going on at a high level with the US so that India can get relief in key export sectors.
Comments are closed.