December-2020 Export Import Status of India

 

December-2020 Export-Import Status

 

India’s 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.

Preliminary 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,

The trade 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.

Other 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”

 

Followed 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 engineering goods,

Major 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.

Complied by:

Bhatia Jagdish owner of Bhatia Export Training & Consultancy, having 44 years of Export Import knowledge.

bhatiajd@gmail.com www.bhatiaexports.in    +91 7878045651