Economy News

India’s exports scaled up by 6.16 % with trade deficit dipping to USD 14.54 Billion

In the month of January, India’s exports grew exponentially by a margin of 6.16 percent to $27.45 billion according to the analysis of the Commerce Ministry.

However, imports have reportedly scaled up by 2 percent amounting to $42 billion with trade deficit of $14.54 billion during the month in sight.

During April-January, exports witnessed a steady decline by 13.58 percent amounting to $228.25 billion, while imports dipped by 25.92 percent to $300.26 billion.

Aside from the exports, the trade deficit for January 2021 was further estimated at USD 14.54 billion versus the deficit of USD 15.30 billion in January 2020.

Therefore, this resulted in the downturn ofprofit by a margin of (-) 4.95 per cent.

India’s imports also boomed for the second consecutive month, indicating steady recovery in domestic demand of the market.

In January 2021, imports were recorded at USD 41.99 billion (Rs.3,06,951.56 crore), which saw an upsurge of 2.03 per cent in dollar terms and 4.60 per cent in Rupee terms.

For the period April-January 2020-21, the accumulated value of imports was noted at USD300.26 billion (Rs 22,29,742.05 crore).

This was observed to be in contrast with USD 405.33 billion (Rs 28,55,992.59 crore) during the period of April-January 2019-20.

The resultant growth turned out to be negative, declining by a margin of (-) 21.93 per cent in Rupee terms.

On combining merchandise and services, it was evidently noted that trade deficit for April-January 2020-21is to estimate at USD1.87 billion.

Moving forward, non-petroleum and non-gems and jewellery exports in January 2021 were reportedly at USD 22.44 billion.

Previously, such exports were duly recorded at USD19.79 billion back in January 2020.

Moreover, oil imports for January 2021 were reviewed at USD 9.40 billion (Rs. 68,743.95 crore) with a sharp fall by a margin of 27.72 per cent  in Dollar terms (25.90 per cent lower in Rupee terms).

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