Economic Blow: India’s Exports Fall 8.74% In November
In a setback to the economic recovery, India’s exports declined by 8.74 percent in the month of November. In November last year, India exported goods worth $2,577 crore, but in November this year, the figure was reduced to $2,352 crore. Most worryingly, there has been a decline in the export of many goods which industries are labour-intensive.
According to the Commerce Ministry data, exports of petroleum products, engineering, chemical and precious stones have decreased, along with a decline in exports of products made of leather, cashew and plastic items.
According to the data, exports of petroleum products declined by 59.73%, leather and its products by 29%, plastics by 23% and engineering goods by 8.12% and chemical by 8.06%. In this, the leather, plastic and machine industries are largely labour-intensive, i.e, a large number of workers are required. This can obviously affect the livelihood of daily wage workers. Meanwhile, the Ministry of Commerce data show that imports in the country have also decreased by 13.32% to $3,339 crore in November. The country strengthens the foreign exchange reserves by exporting a large number of agricultural products. But recent data on exports of agricultural products presents a mixed picture. For example, in November, where exports of cereals increased by 171.63%, rice exports by 25.88%, fruits and vegetables by 6.08%, cashew exports by 24.53%, marine products like fish by 16.1%, edible oil seeds declined by 15.2% and coffee exports declined by 1.27%. If we look at the whole picture, it seems that in April-November 2020-21, India's overall exports i.e. both goods and services decreased by 14.03% compared to the same period last year. Similarly, imports have fallen by 29.96%. It is obvious that this figure reflects the uncertainty over the economy and in such a situation it would not be wrong to say that it will take time for the economy to return to the full track.
According to the data, exports of petroleum products declined by 59.73%, leather and its products by 29%, plastics by 23% and engineering goods by 8.12% and chemical by 8.06%. In this, the leather, plastic and machine industries are largely labour-intensive, i.e, a large number of workers are required. This can obviously affect the livelihood of daily wage workers. Meanwhile, the Ministry of Commerce data show that imports in the country have also decreased by 13.32% to $3,339 crore in November. The country strengthens the foreign exchange reserves by exporting a large number of agricultural products. But recent data on exports of agricultural products presents a mixed picture. For example, in November, where exports of cereals increased by 171.63%, rice exports by 25.88%, fruits and vegetables by 6.08%, cashew exports by 24.53%, marine products like fish by 16.1%, edible oil seeds declined by 15.2% and coffee exports declined by 1.27%. If we look at the whole picture, it seems that in April-November 2020-21, India's overall exports i.e. both goods and services decreased by 14.03% compared to the same period last year. Similarly, imports have fallen by 29.96%. It is obvious that this figure reflects the uncertainty over the economy and in such a situation it would not be wrong to say that it will take time for the economy to return to the full track.
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