Exports drop by 0.8%, trade deficit broadens to $15.71 billion in December 2020

India’s exports dipped marginally by 0.8% to $26.89 billion in December 2020, due to the contraction in sectors like leather and petroleum, according to the data released by the Commerce Ministry on Saturday.

The trade deficit in December widened to $15.71 billion, as imports grew by 7.6% to $42.6 billion, as per the data.

Imports in December 2019 were at $39.5 billion while exports were at $27.11 billion. In November 2020, the exports were down by 8.74%.

In April-December 2020-21, India’s product exports contracted by 15.8% to $200.55 billion, as compared to $238.27 billion in the same period of 2019-20.

Imports during the nine months of the current fiscal declined by 29.08% to $258.29 billion, as against $364.18 billion in April-December 2019-20.

“India is thus a net importer in December 2020, with a trade deficit of $15.71 billion, as compared to a trade deficit of $12.49 billion, widened by 25.78%,” the ministry said in a statement.

In December 2020, oil imports declined by 10.37% to $9.61 billion. During April-December this fiscal, the imports dipped by 44.46% to $53.71 billion.

Sectors which recorded negative growth in December 2020 are silver, newsprint, transport equipment, cotton raw and waste, coal, coke and briquettes.