Dec 2020 Indian exports growth show signs of revival

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 per cent, 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 per cent, according to an official release.

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

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 per cent in Dollar terms (negative growth of (-) 10.83 per cent 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 per cent.

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 per cent.

Imports in December 2020 were USD 42.59 Billion (Rs 3,13,407.53 crore), which is an increase of 7.56 per cent in Dollar terms and 11.18 per cent 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 quarter. 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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