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Exports, imports rise in Feb on economic recovery
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SME Times News Bureau | 15 Mar, 2021
India's February merchandise exports as well as imports rose in
February, indicating a gradual pick-up in economic activity, official
data showed on Monday.
The country's merchandise exports during
the month under review rose to $27.93 billion from $27.45 billion in
January and $27.74 billion in February 2020.
"Exports in February
2021 were $27.93 billion, as compared to $27.74 billion in February
2020, exhibiting a positive growth of 0.67 per cent," a Ministry of
Commerce and Industry statement said.
"Non-petroleum and non-gems
and jewellery exports in February 2021 were $22.52 billion, as compared
to $21.28 billion in February 2020, registering a positive growth of
5.84 per cent."
In terms of imports, India's inbound shipments in
February 2021 increased by 6.96 per cent to $40.54 billion from $37.90
billion during the corresponding period of 2020.
On a sequential basis, they stood lower than January's import bill of $41.99 billion.
"Cumulative
value of imports for the period April-February 2020-21 was USD 340.80
billion, as against USD 443.24 billion during the period April-February
2019-20, registering a negative growth of (-) 23.11 per cent in dollar
terms."
Last month, oil imports were $8.99 billion, as compared to $10.78 billion in February 2020, a decline of 16.63 per cent.
"Non-oil
and non-gold imports were USD 26.27 billion in February 2021, recording
a positive growth of 6.07 per cent, as compared to non-oil and non-gold
imports of USD 24.76 billion in February 2020."
Consequently, trade deficit stood at $12.62 billion in February 2021.
The deficit increased by 24.14 per cent on a year-on-year basis from $10.16 billion reported for February 2020.
India's trade deficit had stood at $14.54 billion in January 2021.
"While
the oil deficit eased, the non-oil merchandise trade deficit widened
considerably to $6.4 billion in February 2021 from $2.8 billion in
February 2020, more than 80 per cent of which was on account of a surge
in gold imports after the presentation of the Union Budget," said Aditi
Nayar, Principal Economist, ICRA.
"Although a favourable base
effect will push up the growth of both imports and exports in March
2021, we expect the trade deficit to widen to US$13.5-14.0 billion in
the ongoing month."
According to EEPC India Chairman Mahesh Desai, vaccine roll-out by major countries will boost exports from India.
"Engineering
goods export, however, saw minor dip during this period but we hope the
trend to reverse given that most major economies have rolled out
vaccination drives against coronavirus," he said.
"Measures by
the government to rein in domestic steel prices and 'Production Linked
Incentive' (PLI) schemes announced for various sectors are set to boost
exports from the country."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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