Merchandise exports slipped 2.83 per cent to $33.90 billion in November and imports fell 4.33 per cent to $54.48 billion, resulting in the trade deficit narrowing to $20.58 billion, according to government data.

Cumulatively, the country’s merchandise exports in April-November contracted 6.51 per cent to $278.8 billion, data released by the commerce ministry showed.

Imports were also down 8.67 per cent to $445.15 billion in the eight-month period due to a fall in oil imports. Oil imports dipped to $113.65 billion against $139.29 billion in April-November 2022-23.

Trade deficit — the difference between imports and exports — during the eight-month period was $166.35 billion against $189.21 billion in the corresponding period last year.

Commerce secretary Sunil Barthwal said that given the global situation, India’s export numbers are good.

All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, gems and jewellery, chemicals, garments, and engineering goods. Sectors which registered positive growth include electronics, iron ore, and pharma.