India's Exports Up 6.16% in January; Trade Deficit Shrinks to $14.54 Billion

India’s exports in January 2021 were $27.45 billion as compared to $25.85 billion in January 2020. This exhibits a positive growth of 6.16 percent, said the Union Ministry of Commerce and Industry on Monday.

The commerce ministry release said that in rupee terms, exports were Rs.2,00,661.11 crore in January 2021 as compared to Rs.1,84,369.73 crore in January 2020. This registered a positive growth of 8.84 percent.

However, the trade deficit for January 2021 was estimated at $14.54 billion as against the deficit of $15.30 billion in January 2020. This is a decrease of -4.95 percent.

For the second straight month, India’s imports also witnessed an upward growth, signifying recovery in domestic demand. “Imports in January 2021 were $41.99 billion (Rs.3,06,951.56 crore), which is an increase of 2.03 percent in dollar terms and 4.60 percent in Rupee terms over imports of $41.15 billion (Rs.2,93,452.69 crore) in January 2020,” said the release.

“Cumulative value of imports for the period April-January 2020-21 was $300.26 billion (Rs.22,29,742.05 crore), as against $405.33 billion (Rs.28,55,992.59 crore) during the period April-January 2019-20, registering a negative growth of (-) 25.92 percent in Dollar terms and negative growth of (-) 21.93 percent in Rupee terms," the release further said.
The overall trade deficit for April-January 2020-21 is estimated at $1.87 billion, taking merchandise and services together, as compared to the deficit of $72.40 billion in April-January 2019-20, the ministry said.

Non-petroleum and non-gems and jewellery export in January 2021 were $22.44 billion, as compared to $19.79 billion in January 2020. This registered a positive growth of 13.40 percent. Non-petroleum and non-gems and jewellery exports in April-January 2020-21 were $188.77 billion, as compared to $197.94 billion for the corresponding period of 2019-20, which is a decrease of -4.63 percent.

While the oil imports in January 2021 were $9.40 billion (Rs.68,743.95 crore), which was 27.72 percent lower in dollar terms (25.90 percent lower in rupee terms), compared to $13.01 billion (Rs.92,773.42 crore) in January 2020.

The release said that oil imports in April-January 2020-21 were $63.09 billion (Rs.4,68,720.80 crore) which was 42.50 percent lower in dollar terms (39.39 percent lower in rupee terms) compared to $109.72 billioni (Rs.7,73,394.28 crore), over the same period last year.