India Trade Balance November 2021

India: Merchandise exports growth moderates notably in November

Merchandise exports rose 27.0% annually in November (October: +43.2% year-on-year). Meanwhile, merchandise imports soared 59.2% over the same month last year in November (October: +64.7% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 23.3 billion shortfall in November (October 2021: USD 19.7 billion deficit; November 2020: USD 9.9 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 177.7 billion deficit in November, compared to the USD 164.3 billion deficit in October.

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