MSME sectors Gems & jewellery, Garments, Handloom continue to dominate exports
The Ministry of Commerce released India?s Merchandise Trade Preliminary data for November 2021 on Wednesday, wherein India?s merchandise imports stood at USD 53.15 billion.
For merchandise imports it?s an increase of 57.18% over USD 33.81 billion in November 2020 and an increase of 37.96% over USD 38.52 billion in November 2019, said the press release. India?s merchandise imports in April-November 2021 was USD 384.44 billion, an increase of 75.39% over USD 219.19 billion in April-November 2020 and an increase of 18.44% over USD 324.59 billion in April-November 2019.
The trade deficit in November 2021 was USD 23.27 billion, while it was121.98 billion USD during April-November 2021.
Engineering goods, petroleum products, gems and jewellery stood as top three commodity groups of exports in the top 10 list.
While Cotton Yarn/Fabrics/Made-ups, Handloom Products etc., stood 7th in the category of exports for November, 2021 having a growth rate of 40.72 per cent.
In the top commodity groups of imports, petroleum, crude, electronic goods, gold, coal, Coke & Briquettes, etc., are at the position of top four commodities.
Machinery, electrical & non-electrical stood at 5th with a growth rate of 29.32 per cent.
Commenting on this, Dr A Sakthivel , FIEO President said, “The monthly exports performance of USD 29.88 billion with a high double-digit growth of more than 26.49 percent, showcases the continuous resilience of India's exports sector. The enthusiasm with which the Exim community has impressively performed during the year has further given a boost to the sector, thereby helping the economy move towards recovery following the second wave of Covid-19 earlier this year. The recent GDP numbers also showcases the positive impact of exports, which has contributed in a big way to growth of the economy as a whole.”