According to the data released by Union Ministry of Commerce and Industry, India’s exports grew by 6.16 per cent to $27.45 billion in January. There was a surge in imports as well at 2 per cent, reaching $42 billion. The change led to the narrowing of trade deficit which stood at $14.54 billion during the month, as per the data.
If we look at the April-January period this fiscal, exports dipped by 13.58 percent to $228.25 billion, while imports declined by 25.92 percent to $300.26 billion.
"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, registering a positive growth of 8.84 per cent," the release said.
Taking merchandise and services together, overall trade deficit for April-January 2020-21 is estimated at USD 1.87 billion as compared to the deficit of USD72.40 billion in April-January 2019-20, the ministry said.
Non-petroleum and Non-Gems and Jewellery exports in January 2021 were USD 22.44 billion, as compared to USD19.79 billion in January 2020, registering a positive growth of 13.40 per cent. Non-petroleum and Non-Gems and Jewellery exports in April-January 2020-21 were USD 188.77 billion, as compared to USD 197.94 billion for the corresponding period in 2019-20, which is a decrease of (-) 4.63 per cent.
Oil imports in January 2021 were USD 9.40 billion (Rs. 68,743.95 crore), which was 27.72 per cent lower in Dollar terms (25.90 per cent lower in Rupee terms), compared to USD 13.01 billion (Rs. 92,773.42 crore) in January 2020.
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