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India: total exports drop by 0.8%

Jan 5, 2021 India
India: total exports drop by 0.8%
The country's exports declined marginally by 0.8% to 26.89 billion US dollars in December 2020, due to the contraction registered in sectors like petroleum, leather and marine products, according to preliminary data released by the Ministry of Commerce and Industry
According to the latest data released by the Department of Commerce from India’s Government Ministry of Commerce and Industry, merchandise exports in December 2020 totalled 26.89 billion US dollars, as compared to 27.11 billion US dollars in December 2019, resulting in a marginal decline of 0.80%. The same source indicates that in December 2020 imports reached 42.60 billion US dollars, as compared to 39.59 billion US dollars in December 2019, resulting in an increment of 7.6%. As such, India was a net importer in December 2020, with a trade deficit of USD 15.71 billion, as compared to trade deficit of USD 12.49 billion, widened by 25.78%

In December 2020, the country's oil imports declined by 10.37% to 9.61 billion US dollars.

Major commodities with positive growth in exports during December 2020 vis-à-vis December 2019 are: Other cereals (262.62%), Oil meals (192.60%), Iron ore (69.26%), Cereal preparations and miscellaneous processed item (45.41%), Jute mfg. Including floor covering (21.93%), Handicrafts excl. Hand-made carpet (21.70%), Carpet (21.12%), Ceramic products and glassware (19.11%), Drugs and pharmaceuticals (17.44%), Spices (17.06%), Electronic Goods (16.44%). Major commodities of export which have recorded negative growth during December 2020 vis-à-vis December 2019 are Petroleum products (-40.47%), Oil Seeds (-31.80%), Leather and leather manufactures (-17.74%), Coffee (-16.39%), RMG of All Textiles (-15.07%), Man-made yarn/fabrics/made-ups etc. (1-4.61%), Marine products (-14.27%) and Cashew (-12.04%).

Major commodity groups of import showing positive growth in December 2020 over the corresponding month of last year are: Pulses (245.15%), Sulphur & Unroasted Iron Pyrites (197.41%), Gold (81.82%), Vegetable Oil (43.50%), Chemical material & products (41.51%), Dyeing/tanning/colouring materials (32.64%), Artificial resins, plastic materials, etc. (32.20%), Non-ferrous metals (28.11%), Organic & Inorganic Chemicals (23.30%), Electronic goods (20.90%). Major commodity groups of import showing negative growth in December 2020 over the corresponding month of last year are: Silver (-90.52%), Newsprint (-76.27%), Leather & leather products (-38.93%), Transport equipment (-32.05%), Cotton Raw & Waste (-28.79%), Metaliferrous ores & other minerals (-24.42%).

Total in the Year

In April-December 2020-21, the country’s merchandise exports contracted by 15.8% to 200.55 billion US dollars, as compared to 238.27 billion US dollars in the same period last fiscal. Merchandise imports during the first nine months of the current fiscal year were 258.29 billion US dollars, as compared to 364.18 billion US dollars during the same period last year, resulting in a negative growth of 29.08%.

Image credits: Sylwia Bartyzel on Unsplash

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