During the Lockdown time, the imports and exports of goods and services in India had changed considerably. It is still possible to feel the effect. In December 2020, India’s exports increased slightly to 27.15 billion dollars. Imports, on the other hand, rose 7.56% to $42.59 billion, as per the official data showed this Friday.
In December 2019, merchandise exports was around at $27.11 billion, while imports reached $39.59 billion.
As per the government report, the December 2020 trade deficit was estimated at $15.44 billion. However, if we compare it with 2019 data of the same month December, the results are very different. Dec 2019 deficit was $12.49 billion, a 23.66 percent rise. India’s total exports (merchandise and services) was at $348.49 billion in April-December 2020-21. This led India to witness a negative growth of 12.65 percent over the same period last year.
More On Exports And Imports Stats:
On a yearly basis, total imports decreased 25.86 percent to $343.27 billion during April-December. Prahalathan Iyer, Chief General Manager, India EXIM bank made statements regarding this. He said, “The trade data for the month of December gives positive hopes with both exports and imports showing growth. Notably, the export growth of non-petroleum and non-jewelry was positive at 5.5% indicating pick up in manufacturing activity in the country.”
“While the overall exports have posted a small positive growth of 0.14%, the imports during the month of December have posted a decent growth of 7.56%. Another notable trend witnessed in the month of December was positive growth in engineering goods exports. Although, it was marginal at 0.3%,” he further stated.
According to the latest RBI press release dated 15 January 2021, exports were $17.08 billion (Rs 1,26,767.42 crore) in November 2020, recording a negative growth of (-) 5.09 percent in dollar terms, compared to November 2019. For December 2020, the expected export value of services is $17.31 billion.
In November 2020, imports amounted to USD 10.12 billion (Rs 75,110.44 crore), which reported a negative growth of (-) 11.79 percent in dollar terms, compared to November 2019. For December 2020, the expected amount of service imports is $10.32 billion.
This import and export data is very useful in calculating the growth rate and development level of the country. With the help of data and reports, one can easily compare the performance and deficit as well as surplus in various aspects of the trade.