India's merchandise trade deficit narrows 4.95 per cent in January
By TIOL News Service
NEW DELHI, FEB 15, 2021: INDIA'S trade deficit in goods narrowed to USD 14.54 billion in January, 2021 with exports and imports rising marginally to USD 27.45 billion and USD 41.99 billion compared to the year ago period, official data showed on Monday.
"The [merchandise] trade deficit for January 2021 was estimated at USD 14.54 billion as against the deficit of USD 15.30 billion in January 2020, which is decrease of 4.95 percent," said the Ministry of Commerce and Industry.
Merchandise exports rose 6.16 per centlast month from a year earlier value of USD 25.85 billion to USD 27.45 billion, the data showed. In rupee terms, exports in January, 2021 were Rs. 2,00,661,11 crore, compared to Rs.1.84,369.73 crore in the same period last year, registering an8.84 per cent growth.
The commodities which led exports were other cereals (343.57 per cent), oil meals (257.50 per cent) and iron ore (108.84 per cent), while it was dragged down by petroleum products (negative 32.06 per cent)and leather products (negative 18.6 per cent).
Merchandise imports totalled USD 41.99 billion or Rs. 3,06,951.56 crore, in January, 2021, marking a 2.03 per cent increase in dollar terms and 4.60 per cent in rupee terms from the same period last year, when it was USD 41.15 billion or Rs. 2,93,452.69 crore.
As per the latest figures by the Reserve Bank of India (RBI), the trade balance in services is estimated at USD 7.22 billion, wherein exports were USD 19.25 billion and imports were USD 12.03 billion.
India's overall merchandise and services exports for April-January 2020-21 are estimated to be USD 396.60 billion, exhibiting a negative growth of 10.63 per cent, while imports in the same period are estimated at USD 398.47 billion, also declining by 22.80 per cent over the April-January 2019-20 data.