Exports in December fall marginally by 0.8%

India’s goods exports in December 2020 fell marginally by 0.8 per cent to $26.89 billion (year-on-year), as pharmaceuticals, chemicals and electronic products posted robust increases.

Trade deficit during the month widened by 25.78 per cent to $15.71 billion as imports during the month increased 7.6 per cent to $42.6 billion due to a sharp increase in gold imports.

In December 2020, the value of non-petroleum exports was $24.73 billion, posting a growth of 5.33 per cent over December 2019.

The preliminary trade data for December 2020 was released by the Commerce and Industry Ministry on Saturday.

Also read: Covid impact: Coffee shipments down 12% in 2020

The country’s exports improved compared to the previous month of November, when outbound shipments had recorded a sharper decline of 8.74 per cent to $23.52 billion.

Exports during April-December 2020-21 fell 15.8 per cent to $200.55 billion compared to the same period last fiscal. Imports posted a decline of 29.08 per cent to $258.29 billion.

Major commodities of export which increased during December 2020 include other cereals, oil meals, iron ore, jute items, handicrafts, carpets, ceramic products and glassware, pharmaceuticals, spices, electronics, chemicals, fruits and vegetables, cotton yarn/fabrics/made-ups, handloom products, rice, meat, gems and jewellery and coal & minerals.

Also read: India’s exports may decline in 2020-21 to $290 billion, rise to $350 billion next fiscal: FIEO

Engineering goods, a major export item, posted a marginal growth of 0.12 per cent in December 2020.

Amongst imports, gold recorded the sharpest increase of 81.8 per cent in December 2020 to $2.01 billion. Other items that posted an increase in imports include electronic goods, vegetable oil, chemicals, textile yarn and fabric, machine tools, pharmaceuticals and precious & semi-precious stones.

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