The decline in both import and export of the country continues. According to the latest data, India's exports in November this year fell to $ 25.98 billion from $ 26.07 billion in the same month last year. Not only this, exports have also decreased in November as compared to October. In October this year, India exported goods worth $ 26.38 billion. This is the fourth consecutive month when the country's exports have declined.
Decline in Imports
If we talk about imports, then in November this time it has decreased by 12.71 percent to $ 38.11 billion. Imports stood at $ 43.66 billion in November last year. Let us know that the continuous trend of decline in imports for six consecutive months continues. However, the trade deficit has come down. In November 2018, it was $ 17.58 billion, which came to $ 12.12 billion this year.
Oil imports $ 11.06 billion in November
However, exports of commodities other than petroleum and ratnabhushan rose 4.08 percent to $ 19.31 billion in November from the same month last year. In November last year, exports of these items were worth $ 18.55 billion. While oil imports in November this year were $ 11.06 billion, compared to $ 13.52 worth of oil imports in the same month last year. Thus, the value of the dollar in oil imports decreased by 18.17 percent over the previous year.
The decline in imports and exports means that the industry is slowing down. Production is decreasing due to less demand. This is the reason why the raw materials imported are also being demanded less. At the same time, the decrease of exports means that the trade deficit will increase, which is not right. In such a situation, it is a matter of concern for the economy.
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