India's Exports Surge Amid Widening Trade Deficit

India's November exports reached USD 67.79 billion, up 9.6% from the previous year, despite a dip in merchandise goods exports. The government targets USD 800 billion for the fiscal year. Imports also increased, widening the trade deficit to USD 82.95 billion. Strategies focus on high-potential countries and sectors.

India's exports surged to USD 67.79 billion in November, registering a 9.6% rise compared to the same period last year, according to data released by the Commerce Ministry on Monday. Despite this growth, the export of merchandise goods witnessed a decline from USD 33.75 billion to USD 32.11 billion, while services exports soared from USD 28.11 billion to USD 35.67 billion.

In the current fiscal year through April to November, India has achieved total exports nearing USD 536.25 billion, marking a 7.60% year-on-year increase as compared to USD 498.33 billion in the previous year. The government remains optimistic about reaching its full-year export target of USD 800 billion. November also saw an increase in imports, a trend that persisted across previous months, including September and October.

The combined value of imports in merchandise and services climbed from USD 68.74 billion to USD 87.63 billion, consequently widening the trade deficit from USD 66.91 billion to USD 82.95 billion during the ongoing fiscal year. Commerce Secretary Sunil Barthwal elaborated on the country's export strategy, which targets 20 countries and six manufacturing and services sectors, including IT, that promise high export potential. To bolster its global competitiveness, India launched the Production Linked Incentive scheme, positively impacting its trade landscape.

(With inputs from agencies.)