As such, trade deficit
during the month stood at $9.96 billion, lower than the $11.75 billion recorded in October. Compared with the $12.75 billion in November 2019, trade deficit
in November this year was 21.93 per cent lower.
Non-oil non-gold and related imports declined by 0.84 per cent, at a smaller rate than 4.9 per cent in October. This category of imports indicates demand for industrial products. So, some recovery in industrial production may be on the cards. The index of industrial production (IIP) had risen by 0.2 per cent in September after months of decline.
The export of major foreign exchange earners like pharmaceuticals rose 11.3 per cent, gems and jewellery by 4.11 per cent and electronic goods by 0.95 per cent. On the other hand, petroleum products declined 61.05 per cent, and engineering goods 8.27 per cent. Labour-intensive leather and its products fell by 29.8 per cent.
Mahesh Desai, chairman of engineering exporters’ body EEPC India said: “Players continue to battle the impact of Covid-19 on global trade.
They are pinning their hopes on vaccination starting and the pandemic abating.”
Several critical export sectors, including engineering exports were reeling from a host of issues, including disruptions in production, transportation, and increasing country-specific restrictions, he said.