India’s February trade deficit up 24.14% at $12.62 billion

16 Mar 2021

India’s merchandise trade deficit increased by 24.14 per cent year-on-year to $12.62 billion in February 2021, which took overall trade deficit for the April-February 2020-21 period to $84.62 billion.

Merchandise exports from the country rose marginally to $27.93 billion (Rs2,03,201.56 crore) in February 2021 against $27.74 billion (Rs1,98,328.86 crore) in February 2020, showing a growth of 0.67 per cent in dollar terms and a growth of 2.46 per cent in rupee terms.

Cumulative value of exports for the period April-February 2020-21 stood at $256.18 billion (Rs18,99,568.63 crore) against $291.87 billion (Rs20,60,069.56 crore) during the period April-February 2019-20, registering a negative growth of (-) 12.23 per cent in dollar terms and a negative growth of (-) 7.79 per cent in rupee terms.

The commodities/commodity groups, which have recorded positive growth during February 2021 include cereals, oil meals, iron ore, jute manufacturing (including floor covering), rice, meat, dairy & poultry products, cereal preparations and miscellaneous processed items, carpet, spices, drugs & pharmaceuticals, handicrafts (excluding handmade carpet), ceramic products & glassware, cotton yarn/fabs/made-ups, handloom products etc, tobacco, mica, coal and other ores, minerals (including processed minerals), plastic and linoleum and organic and inorganic chemicals.

The commodities/commodity groups, which have recorded negative growth during February 2021 vis-à-vis February 2020 are oil seeds, leather and leather products, petroleum products, cashew, gems and jewellery, RMG of all textiles, electronic goods, man-made yarn/fabs/made-ups etc, fruits and vegetables, tea, engineering goods, coffee and marine products.

Non-petroleum and non-gems and Jewellery exports in February 2021 were $22.52 billion, against $21.28 billion in February 2020, registering a positive growth of 5.84 per cent. Non-petroleum and non-gems and jewellery exports in April-February 2020-21 were $211.30 billion, against $219.22 billion for the corresponding period in 2019-20, which is a decrease of (-) 3.61 per cent.

Imports in February 2021 stood at $40.54 billion (Rs2,94,985.04 crore), which is an increase of 6.96 per cent in dollar terms and 8.86 per cent in rupee terms over imports of $37.90 billion (Rs2,70,973.39 crore) in February 2020. Cumulative value of imports for the period April-February 2020-21 stood at $340.80 billion (Rs25,24,727.09 crore), as against $443.24 billion (Rs31,26,965.99 crore) during the period April-February 2019-20, registering a negative growth of (-) 23.11 per cent in dollar terms and a negative growth of (-) 19.26 per cent in Rupee terms.

India’s oil imports in February2021 were valued at $8.99 billion (Rs65,392.23 crore), which was 16.63 per cent lower in dollar terms and 15.15 per cent lower in rupee terms, against oil imports valued at $10.78 billion (Rs77,068.38 crore) in February 2020. Oil imports in April-February 2020-21 stood at $72.08 billion (Rs5,34,113.03 crore), which was 40.18 per cent lower in dollar terms and 37.20 per cent lower in rupee terms against imports valued at $120.50 billion (Rs8,50,462.66 crore) in the same period last year.

Non-oil imports in February 2021 were estimated at $31.56 billion (Rs2,29,592.81 crore), which was 16.34 per cent higher in dollar terms and 18.40 per cent higher in rupee terms, compared to such imports valued at $27.12 billion (Rs1,93,905.01 crore) in February 2020. Non-oil imports in April-February 2020-21 stood at $268.72 billion (Rs19,90,614.06 crore) which was 16.74 per cent lower in dollar terms ans 12.56 per cent lower in rupee terms, compared to such imports valued at $322.74 billion (Rs22,76,503.32 crore) in April-February 2019-20.

Non-oil and non-gold imports stood at $26.27 billion in February 2021, recording a growth of 6.07 per cent, against such imports valued at $24.76 billion in February 2020. Non-oil and non-gold imports stood at $242.61 billion in April-February 2020-21, registering a negative growth of (-) 17.96 per cent, against such imports valued at $295.73 billion in April-February 2019-20.

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