November figures have brought great relief for India amid global trade tensions and heavy tariffs imposed by Donald Trump. Contrary to all apprehensions, India’s exports showed a sharp jump.
Merchandise exports increased by 19.4% to $38.1 billion in November, which is the highest level in six months. This had a direct impact on the trade deficit, which reduced to 24.6 billion dollars. Import fell by 2% to 62.7 billion dollars.
The trade gap narrowed further due to reduction in imports of gold, crude oil, coal and coke. Gold Import decreased by 59% to 4 billion dollars. Despite 50% US tariffs, exports to America increased by 22.6% to about 7 billion dollars, while exports to China increased by 90%.
Electronics, engineering, chemicals and gems and jewelery strengthened exports. India’s export strength is clearly visible from the government’s export mission of Rs 25,060 crore and market diversification.
