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TMI BlogIndia’s overall exports in November 2023 is estimated at USD 62.58 Billion; an increase of 1.23 percent over USD 61.82 Billion in November 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... India’s overall exports in November 2023 is estimated at USD 62.58 Billion; an increase of 1.23 percent over USD 61.82 Billion in November 2022 - News and Press Release Dated:- 15-12-2023 - News - Overall trade deficit during April-November improves by 38.79 percent from USD 100.38 Billion in 2022 to USD 61.44 Billion in 2023; merchandise trade deficit also improves from USD 189.21 Billion in April-November 2022 to USD 166.35 Billion in April-November 2023 Major contributors to export growth in November 2023 include Iron Ore, Gems Jewellery, Drugs Pharmaceuticals, Fruits Vegetables, Meat, Dairy Poultry Products, Mica, Coal Other Ores, Minerals Including Processed Minerals and Cotton Yarn/ Fabs. /Made-Ups, Handloom Products E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tc Electronic goods exports register a growth of 23.56 percent at USD 17.74 Billion during April-November 2023 as compared to USD 14.36 Billion in April-November 2022 Ceramic products glassware exports record a growth of 20.90 percent from USD 2.42 Billion in April-November 2022 to USD 2.93 Billion in April-November2023 Drugs and pharma exports grew by 8.05 percent in April-November 2023 at USD 17.92 Billion from USD 16.59 Billion in April-November 2022 Agricultural exports continue to grow in November 2023: Fruits Vegetables (31.14%), Meat, Dairy Poultry Products (19.91%), Oil Meals (17.22%), Spices (11.3%), Coffee (11%) and Cereal Preparations Miscellaneous Processed Items (5.9%) India s overall exports (Merchan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dise and Services combined) in November 2023* is estimated to be USD 62.58 Billion, exhibiting a positive growth of 1.23 per cent over November 2022. Overall imports in November 2023* is estimated to be USD 67.88 Billion, exhibiting a negative growth of (-) 6.16 per cent over November 2022. Table 1: Trade during November 2023* November 2023 (USD Billion) November 2022 (USD Billion) Merchandise Exports 33.90 34.89 Imports 54.48 56.95 Services* Exports 28.69 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26.93 Imports 13.40 15.39 Overall Trade (Merchandise +Services) * Exports 62.58 61.82 Imports 67.88 72.34 Trade Balance -5.30 -10.52 * Note: The latest data for services sector released by RBI is for October 2023. The data for November 2023 is an estimation, which will be revised based on RBI s subsequent release. (ii) Data for April-November 2022 and April-June 2023 has been revised on pro-rata basis using quarterly balance of payments data. Fig 1: Overall Trade during November 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 23* India s overall exports (Merchandise and Services combined) in April-November 2023* are estimated to be USD 499.46 Billion, exhibiting a negative growth of (-) 1.39 per cent over April-November 2022. Overall imports in April-November 2023* are estimated to be USD 560.90 Billion, exhibiting a negative growth of (-) 7.58 per cent over April-November 2022. Table 2: Trade during April-November 2023* April-November 2023 (USD Billion) April-November 2022 (USD Billion) Merchandise Exports 278.80 298.21 Imports 445.15 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 487.42 Services* Exports 220.66 208.30 Imports 115.75 119.48 Overall Trade (Merchandise+ Services)* Exports 499.46 506.52 Imports 560.90 606.90 Trade Balance -61.44 -100.38 Fig 2: Overall Trade during April-November 2023* MERCHANDISE TRADE Merchandise exports in November 2023 were USD 33.90 Billion, as compared to USD 34.89 Billion in November 2022. Merchandise imports in November 2023 were USD 54 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .48 Billion, as compared to USD 56.95 Billion in November 2022. Fig 3: Merchandise Trade during November 2023 Merchandise exports for the period April-November 2023 were USD 278.80 Billion as against USD 298.21 Billion during April-November 2022. Merchandise imports for the period April-November 2023 were USD 445.15 Billion as against USD 487.42 Billion during April-November 2022. The merchandise trade deficit for April-November 2023 was estimated at USD 166.35 Billion as against USD 189.21 Billion during April-November 2022. Fig 4: Merchandise Trade during April-November 2023 Non-petroleum and non-gems jewellery exports in November 2023 were USD 23.61 Billion, compared to USD 24.30 Billion in Nov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ember 2022. Non-petroleum, non-gems jewellery (gold, silver precious metals) imports in November 2023 were USD 34.62 Billion, compared to USD 34.95 Billion in November 2022. Table 3: Trade excluding Petroleum and Gems Jewellery during November 2023 November 2023 (USD Billion) November 2022 (USD Billion) Non- petroleum exports 26.41 26.80 Non- petroleum imports 39.55 40.63 Non-petroleum Non Gems Jewellery exports 23.61 24.30 Non-petroleum Non Gems Jewellery imports ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 34.62 34.95 Note: Gems Jewellery Imports include Gold, Silver Pearls, precious Semi-precious stones Fig 5: Trade excluding Petroleum and Gems Jewellery during November 2023 Non- petroleum and non-gems jewellery exports during April-November 2023 was USD 202.05 Billion, as compared to USD 206.54 Billion in April-November 2022. Non-petroleum, non-gems jewellery (gold, silver precious metals) imports were USD 281.06 Billion in April-November 2023 as compared to USD 294.96 Billion in April-November 2022. Table 4: Trade excluding Petroleum and Gems Jewellery during April-November 2023 April-November 2023 (USD Bill ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion) April-November 2022 (USD Billion) Non- petroleum exports 223.46 232.99 Non- petroleum imports 331.50 348.13 Non-petroleum Non Gems Jewellery exports 202.05 206.54 Non-petroleum Non Gems Jewellery imports 281.06 294.96 Note: Gems Jewellery Imports include Gold, Silver Pearls, precious Semi-precious stones Fig 6: Trade excluding Petroleum and Gems Jewellery during April-November 2023 SERVICES TRADE The estimated value of services export for November ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2023* is USD 28.69 Billion, as compared to USD 26.93 Billion in November 2022. The estimated value of services import for November 2023* is USD 13.40 Billion as compared to USD 15.39 Billion in November 2022. Fig 7: Services Trade during November 2023* The estimated value of services export for April-November 2023* is USD 220.66 Billion as compared to USD 208.30 Billion in April-November 2022. The estimated value of services imports for April-November 2023* is USD 115.75 Billion as compared to USD 119.48 Billion in April-November 2022. The services trade surplus for April-November 2023* is estimated at USD 104.91 Billion as against USD 88.83 Billion in April-November 2022. Fig 8: Services Trade during April- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... November 2023* For the month of November 2023 , under merchandise exports, 15 of the 30 key sectors exhibited positive growth in November 2023 as compared to same period last year (November 2022). These include Iron Ore (2207.38%), Fruits Vegetables (31.14%), Meat, Dairy Poultry Products (19.91%), Oil Meals (17.22%), Mica, Coal Other Ores, Minerals Including Processed Minerals (16.62%), Gems Jewellery (11.97%), Spices (11.3%), Coffee (11%), Drugs Pharmaceuticals (7.33%), Cotton Yarn/ Fabs. /Made-Ups, Handloom Products Etc. (6.33%), Cereal Preparations Miscellaneous Processed Items (5.9%), Carpet (4.22%), Ceramic Products Glassware (2.17%), Handicrafts Excl. Hand Made Carpet (1.17%) and Electronic Goods (1.09%). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Under merchandise imports, 15 out of 30 key sectors exhibited negative growth in November 2023. These include Pearls, Precious Semi-Precious Stones (-56.71%), Fertilisers, Crude Manufactured (-38.91%), Cotton Raw Waste (-37.4%), Vegetable Oil (-37.24%), Newsprint (-31.92%), Pulp And Waste Paper (-24.41%), Transport Equipment (-18.58%), Organic Inorganic Chemicals (-16.54%), Wood Wood Products (-14.5%), Chemical Material Products (-10.58%), Coal, Coke Briquettes, Etc. (-10.39%), Petroleum, Crude Products (-8.47%), Textile Yarn Fabric, Made-Up Articles (-7.54%), Artificial Resins, Plastic Materials, Etc. (-5.57%) and Sulphur Unroasted Iron Pyrites (-4.62%). For April-November 2023 , under merchandise exports, 14 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 30 key sectors exhibited positive growth during April-November 2023 as compared to April-November 2022. These include Iron Ore (203.93%), Oil Meals (34.33%), Electronic Goods (23.56%), Ceramic Products Glassware (20.9%), Fruits Vegetables (15.1%), Tobacco (10.44%), Oil Seeds (9.56%), Drugs Pharmaceuticals (8.05%), Meat, Dairy Poultry Products (6.31%), Cereal Preparations Miscellaneous Processed Items (6.27%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (5.72%), Coffee (4.72%), Spices (3.34%) and Cashew (0.3%). Under merchandise imports, 16 of the 30 key sectors exhibited negative growth in April-November 2023 as compared to April-November 2022. These include Cotton Raw Waste (-63.97%), Silver (-53.8%), Fertilisers, C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rude Manufactured (-36.34%), Sulphur Unroasted Iron Pyrts (-35.92%), Coal, Coke Briquettes, Etc. (-30.6%), Pearls, Precious Semi-Precious Stones (-27.59%), Vegetable Oil (-26.26%), Organic Inorganic Chemicals (-21.6%), Petroleum, Crude Products (-18.41%), Textile Yarn Fabric, Made-Up Articles (-15.57%), Transport Equipment (-13.86%), Wood Wood Products (-12.6%), Newsprint (-11.26%), Leather Leather Products (-9.33%), Pulp And Waste Paper (-8.73%) and Artificial Resins, Plastic Materials, Etc. (-4.55%). Services exports is projected to grow positively at 5.93 percent during April-November 2023 over April-November2022. India s trade deficit has shown considerable improvement in April-November 2023. Overall trade defici ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t for April-November 2023* is estimated at USD 61.44 Billion as compared to the deficit of USD 100.38 Billion during April-November 2022, registering a decline of (-) 38.79 percent. The merchandise trade deficit during April-November 2023 is USD 166.35 Billion compared to USD 189.21 Billion during April-November 2022, registering a decline of (-) 12.08 percent. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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