India's Dec merchandise exports slip by 0.80% YoY

New Delhi: Lockdown measures in some of the key export markets subdued India's merchandise exports in December 2020 by 0.80 per cent to $26.89 billion from $27.11 billion in December 2019, preliminary data showed on Saturday.

"India's merchandise exports in December 2020 totalled $26.89 billion, compared with $27.11 billion in December 2019, a marginal fall of 0.80 per cent," a Ministry of Commerce and Industry statement said on the basis of preliminary data.

"Exports during April-December 2020-21 were worth $200.55 billion, compared with $238.27 billion during the same period last year, exhibiting a negative growth of 15.8 per cent."

However, in December 2020, the value of non-petroleum exports stood at $24.73 billion, registering a positive growth of 5.33 per cent on YoY basis.

Similarly, the value of non-petroleum and non-gems and jewellery exports in December 2020 stood at $22.15 billion compared with $21.06 billion in December 2019, registering a positive growth of 5.17 per cent.

On the other hand, India's merchandise imports grew by 7.6 per cent in December to $42.60 billion from $39.59 billion during the corresponding month of the previous year.

In December 2020, oil worth $9.61 billion was imported, compared with $10.72 billion in December 2019, a decline by 10.37 per cent.

"Non-oil imports in December 2020 totalled an estimated USD 33 billion, compared with USD 28.88 billion in December 2019, showing an increase of 14.27 per cent."

"Non-oil, non-GJ (gold, silver & precious metals) worth USD 26.10 billion were imported in December 2020, recording a positive growth of 8.42 per cent, compared with non-oil and non-GJ imports totalling USD 24.07 billion in December 2019."

Consequently, India's trade deficit widened by 25.78 per cent to $15.71 billion from $12.49 billion reported for the like period of last year.