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Trade deficit narrows slightly in January but India remains net importer

By TIOL News Service

NEW DELHI, FEB 03, 2021: INDIA'S merchandise exports in January stood at USD 27.24 billion and imports at USD 41.99 billion, making the country a net importer in the first month of the year, said the Ministry of Commerce and Industry on Tuesday.

According to the preliminary data released by the ministry, India's trade deficit stood at USD 14.75 billion.

The country's merchandise exports for January were USD 27.24 billion compared to USD 25.85 billion in January 2020, an increase of 5.37 per cent. Meanwhile, imports in January 2021 were USD 41.99 billion, as compared to USD 41.15 billion in the previous year, exhibiting an increase of 2.05 per cent.

In the April-January 2020-21 period, exports are estimated to be USD 228.04 billion, exhibiting a negative growth of 13.66 per cent over the same period last year when it stood at USD 264.13 billion. Overall imports in this fiscal year are estimated at USD 300.26 billion,exhibiting a negative growth of 25.92 per cent as compared to USD 405.33 billion in the April-January 2019-20 period.

"India is thus a net importer in January 2021, with a trade deficit of USD 14.75 billion, as compared to trade deficit of USD 15.30 billion in January 2020, declined by 3.57 per cent," the ministry said.

In January 2021, the top commodity groups which saw positive growth in exports were other cereals (313.88 per cent), oil meals (253.06 per cent) and iron ore (108.66 per cent).

The value of non-petroleum exports was USD 25.24 billion, registering a positive growth of 11.37 per cent over January 2020, while that of non-petroleum and non-gems and jewellery was USD 22.40 billion as compared to USD 19.79 billion in the year ago period, showing a 13.21 per cent improvement.

With a 154.7 per cent increase, gold was the most imported commodity group in January 2021, followed by pulses (96.56 per cent).Silver (95.77 per cent), newsprint (80.81 per cent) and project goods (62.16 per cent) were the groups showing negative growth in the month.


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