EconomyIndian exports for Dec 2020 show signs of revival

Indian exports for Dec 2020 show signs of revival


New Delhi (India): The exports in December 2020 were USD 27.15 Billion, as compared to USD 27.11 Billion in December 2019, exhibiting a positive growth of 0.14 percent, said the Ministry of Commerce and Industry.

In Rupee terms, exports were Rs 1,99,770.58 crore in December 2020, as compared to Rs 1,92,984.47 crore in December 2019, registering a positive growth of 3.52 percent, according to an official release.

Commodities/commodity groups that have recorded positive growth during December 2020 vis-a-vis December 2019 are Other cereals (278.23 percent), Oil meals (196.92 percent), Iron ore (69.26 percent), Cereal preparations and miscellaneous processed items (47.14 percent), Jute mfg. including floor covering (21.93 percent), Handicrafts excl. hand-made carpet (21.78 percent), Carpet (21.17 percent), Ceramic products and glassware (19.56 percent), Drugs and pharmaceuticals (17.47 percent), Spices (17.3 percent), Electronic goods (16.51 percent), Fruits and vegetables (14.88 percent), Organic and inorganic chemicals (10.79 percent), Rice (10.76 percent), Mica, Coal, and other ores, minerals including processed minerals (10.76 percent), Cotton yarn/fabs./made-ups, handloom products, etc. (10.35 percent), Meat, dairy and poultry products (6.8 percent), Gems and jewelry (6.75 percent), Tea (4.51 percent) and Engineering goods (0.3 percent).

The cumulative value of exports for the period April-December 2020-21 was USD 200.80 Billion (Rs 14,95,705.96 crore) as against USD 238.27 Billion (Rs 16,77,370.97 crore) during the period April-December 2019-20, registering a negative growth of (-) 15.73 percent in Dollar terms (negative growth of (-) 10.83 percent in Rupee terms).

Non-petroleum and Non-Gems and Jewellery exports in December 2020 were USD 22.22 Billion, as compared to USD 21.06 Billion in December 2019, registering a positive growth of 5.50 percent.

Non-petroleum and Non-Gems and Jewellery exports in April-December 2020-21 were USD 166.33 Billion, as compared to USD 178.15 Billion for the corresponding period in 2019-20, which is a decrease of (-) 6.63 percent.

Imports in December 2020 were USD 42.59 Billion (Rs 3,13,407.53 crore), which is an increase of 7.56 percent in Dollar terms and 11.18 percent in Rupee terms over imports of USD 39.59 Billion (Rs 2,81,880.86 crore) in Dec 2019, according to the Ministry of Commerce and Industry.

Reacting to December 2020 export figures, FIEO President, Sharad Kumar Saraf said that the monthly exports have moved towards positive territory as major export products show signs of further revival as expected.

“Marginal decline of just 0.14 percent with USD 27.15 billion of exports showing signs of revival as order booking position has continuously improved besides more new orders in the offing,” added Saraf.

He reiterated that the New Year 2021 has brought a ray of hope and optimism for all from the worst of Covid-19 and effective vaccines are expected to bring both life and economy back on a growth trajectory with a v-shaped recovery in world trade.

The arrival of vaccines has also helped in boosting the business sentiments for the sector as a whole, which can be further seen from the positive figures of the upcoming months said, Saraf.

Reacting to the growth in exports, Mohit Singla, Chairman, Trade Promotion Council of India (TPCI) said, “I salute the resilience of the industry which has challenged all adversity to buck the trend. This growth comes amidst a challenging trade environment, especially with the rise in protectionist measures by a number of countries.

Additionally, this performance comes indicating below-trend expansion in the first and second quarters. This is driven by strong declines in export orders, increased international air/ shipping freight, unavailability of containers, etc adding to the woes.” 


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