New Delhi, Dec. 11: India’s export growth slipped to a five-month low of 5.86 per cent in November as shipments of petro-goods, pharma, automobile and gems and jewellery fell. Trade deficit, however, narrowed on the back of lower gold purchases.
“Three product categories (petroleum goods, gems and jewellery and pharmaceuticals) have pulled down our exports,” commerce secretary S.R. Rao said, adding that these sectors have a major contribution in the country’s export basket.
India’s exports stood at $24.6 billion in November against $23.25 billion in the same month last year.
Rao also expressed concern over the non-trade barriers imposed on automobiles by countries such as Sri Lanka, Algeria and Colombia.
Car exports fell 13.5 per cent to 44,960 units from 52,014 units in November last year. Three-wheeler shipments, too, dipped 14.33 per cent to 24,561 units during the month.
M. Rafeeque Ahmed, president of the Federation of Indian Export Organisations, said: “Delays at major ports have also contributed to lower growth in exports besides modest performance by key sectors.”
In pharmaceuticals, increasing competition from China and slowdown in Europe coupled with the recent USFDA scrutiny have slowed down exports.