India's exports dip by 2.5%, imports fell to 16% in November

 India has seen a significant growth during November month. India customs data reports show a slight dip of 2.5% in the country's overall exports. India's goods exports were estimated to be $38 billion during November. Whereas, India has exported over $40 billion during October 2023. Essential oils, Diamonds, Tobacco, Motor vehicles and Cotton yarn were some of the leading exports made by India during last month.

Essential oils were responsible for the maximum amount of exports from India. Over 2.6 billion dollars worth of essential oils were exported from India during November. The top markets for essential oils exports from India were Nepal, United States, United Arab Emirates, Hong Kong and Canada.

Diamond was the second most exported commodity from India. India import export data reflects that India’s diamond exports  were recorded to be $2.4 billion with majority of its shipments to Hong Kong, United States, Belgium, United Arab Emirates, and Thailand. Tobacco and Motor vehicles exports were nearly $1 billion in November.

Also, there were some notable amounts of growth seen in cotton yarn, paper, paperboard, cigarettes, fatty acids, gelatin capsules and perfumery, and cosmetics exports from India. The United States, China, Netherlands and United Arab Emirates were the most prominent markets for India’s exports.

In terms of imports, there was a sharp decline of 4% in the November month. India import data shows that the import hit $52 billion during November. Whereas, during October, the exports were recorded to be $61 billion. India made the majority of its imports from China and Russia. China and Russia have contributed to over 17% and 10% market share respectively.

India’s major imports were mineral fuels, oils, gold, steam coal, electronic integrated circuits and electrical apparatus. Mineral fuels and oil accounted for over 24% share in India’s overall imports. India’s mineral fuels and oil shipments were reported from Russia, Iraq, Saudi Arabia, United Arab Emirates and the United States of America.

Russia is offering better discounts on crude oil which has resulted in a higher amount of imports from India. According to the Russia import export data, around $1.2 billion worth of crude oil exports shipments were made to India having over 34% share. Whereas, Iraq was responsible for over 23% share in India’s crude oil imports.

Gold was the second most imported item by India. For the November month, India’s gold imports crossed over 1.6 billion dollars. India’s major gold imports markets were the United Arab Emirates, Peru, Switzerland, Bolivia and Tanzania.

The United Arab Emirates was the top gold supplier to India with over 32% share. Over $524 million worth of gold imports were made by the United Arab Emirates during November month. Whereas, coal was the third most exported product having exports over $1.5 billion in November. Nepal was the top coal supplier to India accounting for 90% of India’s total coal imports during November.

Reliance Industries and Indian Oil Corporation were the top importing companies from India during November month. Whereas, India export data suggests that Brinton Pharmaceuticals and Pragathi Tobacco were responsible for over 9% share of India's overall exports during November.

If you are an import export business owner from India looking for genuine buyers then global trade information can drive your business in the global market. Through global import export data providers verified market reports, you can spot demand for Indian goods, product pricing, marketplaces, risks, and potential leads in the form of buyers & suppliers. It is the most economical approach to boost your business.