India’s YoY merchandise exports, imports rise in Jan

India’s January merchandise exports rose over 6.16 per cent on a year-on-year basis, official data showed on Tuesday.

The country’s merchandise exports during the month under review grew to $27.45 billion from $25.85 billion in January 2020.

“Non-petroleum and Non-gems and jewellery exports in January 2021 were USD 22.44 billion, as compared to USD 19.79 billion in January 2020, registering a positive growth of 13.40 per cent,” a Ministry of Commerce and Industry statement said.

“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.”

In terms of imports, India’s inbound shipments in January 2021 increased by 2.03 per cent to $41.99 billion from $41.15 billion during the corresponding period of 2020.

“Cumulative value of imports for the period April-January 2020-21 was USD 300.26 billion as against USD 405.33 billion during the period April-January 2019-20, registering a negative growth of (-) 25.92 per cent in dollar terms.”

Last month, oil imports were $9.40 billion, as compared to $13.01 billion in January 2020, a decline of 27.72 per cent.

“Non-oil and non-gold imports were USD 28.55 billion in January 2021, recording a positive growth of 7.50 per cent, as compared to non-oil and non-gold imports of USD 26.56 billion in January 2020.”

Consequently, India’s trade deficit stood at $14.54 billion in January 2021.

However, on a year-on-year basis, the deficit declined by 4.95 per cent on a year-on-year basis from $15.30 billion reported for January 2020.