India’s Trade Deficit Narrows Down To $12 Billion In FY20 Compared To $77 Billion In FY19

India’s merchandise exports increased from $21.49 billion in March, 2020 to $34.45 billion in March 2021, registering a 60.29 per cent growth.

In rupee terms, India's merchandise exports stood at Rs 2.5 lakh crore in March 2021, as compared to Rs 1.59 lakh crore in March 2020, with a positive growth of 56.93 per cent.

Press release by the Ministry of Commerce and trade also declared details regarding services sector imports and exports.

As per the latest press release by RBI dated 15 April 2021, imports in February 2021 were $10.64 billion with a negative growth of 4.10 per cent compared to February 2020. Imports increased to $10.84 billion in March 2021.

Combining merchandise and services, the overall trade deficit for April-March 2020-21 is estimated at $12.74 billion compared to the deficit of $77.76 billion in April-March 2019-20.

The groups that recorded positive growth during March 2021 compared to March 2020 are other cereals, oil meals, iron ore, electronic goods, gems and jewellery, engineering goods, rice, spices, cotton yarns, handloom products, ceramic products and glassware, drugs and pharmaceuticals etc.

The commodity groups that recorded negative growth are oil seeds and cashew.

The cumulative value of exports for the period April-March 2020-21 was $290.63 billion as against $313.36 billion during April-March 2019-20, registering a negative growth of 7.26 per cent.