INDIA’S FOREIGN TRADE

#GS3 #ECONOMY

India’s overall exports (Merchandise and Services combined) in April-November 2020-21 are estimated to be USD 304.25 Billion, exhibiting a negative growth of (-) 14.03per cent over the same period last year. Overall imports in April-November 2020-21 are estimated to be USD 290.66Billion, exhibiting a negative growth of (-) 29.96per cent over the same period last year.

 

   MERCHANDISE TRADE

   EXPORTS

  • Exports in November 2020 were USD23.52Billion, as compared to USD25.77Billion in November 2019, exhibiting a negative growth of (-) 8.74per cent. 
  • In Rupee terms, exports were Rs. 1,74,559.49Crore in November 2020, as compared to Rs. 1,84,142.27Crore in November2019, registering a negative growth of (-) 5.20per cent.
  • The commodities/commodity groups which have recorded positive growth during November 2020 vis-à-vis November 2019 are Other cereals  (171.63%)

   IMPORTS

  • Imports in November2020 were USD33.39Billion (Rs.2,47,839.85Crore), which is a decline of(-) 13.32per cent in Dollar terms and (-) 9.96per cent in Rupee terms over imports of USD38.52Billion (Rs2,75,255.20Crore) in November2019. 
  • Cumulative value of imports for the period April-November 2020-21 was USD215.69Billion (Rs.16,09,382.96Crore), as against USD324.59Billion (Rs.22,80,659.04Crore) during the period April-November 2019-20, registering a negative growth of (-) 33.55per cent in Dollar terms and a negative growth of (-) 29.43per cent in Rupee terms.

 

CRUDE OIL AND NON-OIL IMPORTS:

  • Oil imports in November 2020 were USD6.27Billion (Rs. 46,529.71Crore), which was 43.36percent lower in Dollar terms (41.17percent lower in Rupee terms), compared to USD11.07Billion (Rs. 79,090.66Crore) in November2019. 
  • Oil imports in April-November 2020-21 were USD44.11Billion (Rs. 3,29,460.58Crore) which was 48.71per cent lower in Dollar terms (45.48per cent lower in Rupee terms) compared to USD85.99Billion (Rs. 6,04,310.34Crore), over the same period last year.
  • In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 31.10% in November2020 vis-à-vis November2019 as per data available from World Bank.

 

   TRADE IN SERVICES

   EXPORTS 

  • As per the latest press release by RBI dated 15th December 2020, exports in October2020 were USD 16.58Billion (Rs.1,21,815.57Crore) registering a negative growth of (-) 6.30per cent in Dollar terms, vis-à-vis October2019. 
  • The estimated value of services export for November 2020 is USD 16.45Billion.

   IMPORTS 

  • As per the latest press release by RBI dated 15th December 2020, imports in October 2020 were USD 9.53Billion (Rs. 69,968.84Crore) registering a negative growth of (-) 12.33per cent in Dollar terms, vis-à-vis October2019. 
  • The estimated value of services import for November 2020 is USD 9.37Billion.

 

   TRADE BALANCE

  • MERCHANDISE: The trade deficit for November2020 was estimated at USD9.87Billion as against the deficit of USD12.75Billion inNovember2019, which is a decline of (-) 22.57per cent.
  • SERVICES: As per RBI’s Press Release dated 15th December 2020, the trade balance in Services (i.e. Net Services export) for October 2020 is USD7.06Billion. The estimated trade balance in November 2020 is USD 7.08Billion.
  • OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade surplus for April-November 2020-21* is estimated at USD13.59Billion as compared to the deficit of USD61.06Billion in April-November 2019-20.
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