December-2020 Export-Import Status
exports shrank for the third straight month in December but the pace of
contraction slowed to 0.8% from 8.74% decline in November even as the country’s
trade deficit widened.
data released by the commerce and industry ministry showed Saturday Outbound
shipments in December were $26.89 billion and in sectors like petroleum,
leather and marine products witnessed contraction,
deficit in December widened to $15.71 billion, as imports grew by 7.6% to $42.6
billion due to a sharp increase in gold imports. Gold imports rose 81.8% in
December 2020 to $2.01 billion.
items that witnessed an increase in imports include electronic goods, vegetable
oil, chemicals, textile yarn and fabric, machine tools, pharmaceuticals and
precious & semi-precious stones.
The ministry said in a statement that “India is thus a net importer in December 2020”
by the US and UK. Singapore was the top destination for India’s exports last
month with an increase of $241.63 million led by petroleum products and
commodities of export which recorded growth during the month under review
include Oil meals (De-oiled cake, Iron ore, Carpet, pharmaceuticals, spices,
electronic goods, fruits and vegetables, and chemicals.
FIEO - Federation
of Indian Export Organisations President, Sharad Kumar Saraf said “The monthly exports have moved towards
positive territory as major export products show signs of further revival as
expected,” The order booking position have continuously improved besides more
new orders in the offing.
In December 2020, oil imports declined 10.37% to $9.61 billion.
Exports during April-December 2020-21 fell 15.8% to $200.55 billion compared to the same period last fiscal. Imports posted a decline of 29.08% to $258.29 billion
To give a leg up to exports, FIEO sought notification of the RoDTEP- Remission of Duties and Taxes on Exported Products
rates, addressing issues such as adequate availability of containers, softening of freight charges, release of the required MEIS benefits and clarity on SEIS benefits and risky exporters.
Bhatia Jagdish owner of Bhatia Export Training & Consultancy, having 44 years of Export Import knowledge.