India’s January trade deficit narrows to $14.54 bn, exports rise 6%

The merchandise trade deficit was $15.3 billion in January 2020
Exports in January 2021 were $27.45 billion, as compared to $25.85 billion in January 2020, exhibiting a positive growth of 6.16%

India’s trade deficit in goods narrowed to $14.54 billion in January as exports grew faster than imports, revised data released by the government on Monday showed.

The merchandise trade deficit was $15.3 billion in January 2020.

The merchandise exports rose 6.16% in January from a year earlier to $27.45 billion, while imports were up 2.03% to $42 billion, the data showed.

Exports in January 2021 were $27.45 billion, as compared to $25.85 billion in January 2020, exhibiting a positive growth of 6.16%, the government said.

However, cumulative value of exports during April-January this fiscal dipped by 13.58 % to $228.25 billion, while imports declined by 25.92 per cent to $300.26 billion.

On the other hand, imports in January 2021 were $41.99 billion (Rs.3,06,951.56 crore), which is an increase of 2.03% in dollar terms and 4.60% in rupee terms over imports of $41.15 billion (Rs2,93,452.69 crore) in January 2020.

Cumulative value of imports for the period April-January 2020-21 was $300.26 billion as against $405.33 billion during the period April-January 2019-20, registering a negative growth of (-) 25.92%, the data showed.

Oil imports are down 27.7% at $9.40 billion. Non-oil imports up 15.8% at $38.50 billion. Gold imports up 154.7% at $4.04 billion. Electronic goods imports up 17.4% at $5.28 billion. Petroleum product exports down 32.1% at $2.16 billion. Gems & Jewellery exports down 1.3% at $2.84 billion. Engineering goods export up 18.8% at $7.39 billion.

Major commodity groups of import showing negative growth in January 2021 over the corresponding month of last year are petroleum, crude and other products, transport equipment, fertilisers, metalliferous ores and other materials, and machinery, electrical and non-electrical, the data stated.