India’s overall exports (Merchandise and Services combined) in April-February2020-21* are estimated to be USD 439.64Billion, exhibiting a negative growth of (-) 10.14per cent over the same period last year. Overall imports in April-February 2020-21* are estimated to be USD 447.44Billion, exhibiting a negative growth of (-) 20.83per cent over the same period last year.

 

*Note: i) The latest data for services sector released by RBI is for January 2021. The data for February 2021 is an estimation, which will be revised based on RBI’s subsequent release ii) the figures in bracket are growth rates vis-à-vis corresponding period of last year.

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

Exports inFebruary2021 were USD27.93Billion, as compared to USD27.74Billion in February 2020, exhibiting a positive growth of 0.67per cent. In Rupee terms, exports were ₹ 2,03,201.56Crore in February2021, as compared to ₹ 1,98,328.86Crore in February2020, registering a positive growth of 2.46per cent.

The commodities/commodity groups which have recorded positive growth during February 2021 vis-à-vis February 2020 areOther cereals  (546.5%), Oil meals (245.45%), Iron ore (167.79%), Jute mfg. including floor covering (45.53%), Rice (30.78%), Meat, dairy & poultry products (26.43%), Cereal preparations & miscellaneous processed items (25.3%), Carpet (19.46%), Spices (18.61%), Drugs & pharmaceuticals (14.74%), Handicrafts excl. handmade carpet (13.23%), Ceramic products & glassware (11.04%), Cotton yarn/fabs./made-ups, handloom products etc. (9.41%), Tobacco (7.71%), Mica, Coal & other ores, minerals including processed minerals (4.38%), Plastic & Linoleum (3.16%) and Organic & inorganic Chemicals (1.2%).

The commodities/commodity groups which have recorded negative growth during February 2021 vis-à-vis February 2020are Oil seeds (-25.19%), Leather & leather products (-21.62%), Petroleum products (-20.87%), Cashew (-18.62%), Gems & jewellery (-11.19%), RMG of all textiles (-8.5%), Electronic goods (-5.77%), Man-made yarn/fabs./made-ups etc. (-4.02%), Fruits & vegetables (-3.33%), Tea (-2.5%), Engineering goods (-2.36%), Coffee (-0.73%) and Marine products (-0.21%).

Cumulative value of exports for the period April-February 2020-21 was USD256.18Billion (₹ 18,99,568.63Crore) as against USD291.87Billion (₹ 20,60,069.56Crore) during the period April-February 2019-20, registering a negative growth of (-) 12.23per cent in Dollar terms (negative growth of (-) 7.79per cent in Rupee terms).

Non-petroleum and Non-Gems and Jewellery exports in February 2021 were USD22.52Billion, as compared to USD21.28Billion in February2020, registering a positive growth of 5.84per cent. Non-petroleum and Non-Gems and Jewellery exports in April-February 2020-21 were USD211.30Billion, as compared to USD219.22Billion for the corresponding period in 2019-20, which is a decrease of (-) 3.61 per cent.

IMPORTS

Imports in February2021 were USD40.54Billion (₹ 2,94,985.04Crore), which is an increase of6.96per cent in Dollar terms and 8.86per cent in Rupee terms over imports of USD37.90Billion (₹ 2,70,973.39Crore) in February2020. Cumulative value of imports for the period April-February 2020-21 was USD340.80Billion (₹ 25,24,727.09Crore), as against USD443.24Billion (₹ 31,26,965.99Crore) during the period April-February 2019-20, registering a negative growth of (-) 23.11per cent in Dollar terms and a negative growth of (-) 19.26per cent in Rupee terms.

Major commodity groups of import showing negative growth in February2021 over the corresponding month of last year are:

CRUDE OIL AND NON-OIL IMPORTS:

Oil imports inFebruary2021 were USD8.99Billion (₹ 65,392.23Crore), which was 16.63percentlower in Dollar terms (15.15percent lower in Rupee terms), compared to USD10.78Billion (₹ 77,068.38Crore) in February2020. Oil imports in April-February 2020-21 were USD72.08Billion (₹ 5,34,113.03Crore) which was 40.18per cent lower in Dollar terms (37.20percent lower in Rupee terms) compared to USD120.50Billion (₹ 8,50,462.66Crore), over the same period last year.

In this connection it is mentioned that the global Brent price ($/bbl) has increased by 12.65 % in February2021 vis-à-vis February2020 as per data available from World Bank.

Non-oil imports inFebruary2021 were estimated at USD31.56Billion (₹ 2,29,592.81Crore) which was 16.34percent higher in Dollar terms (18.40percent higher in Rupee terms), compared to USD27.12Billion (₹ 1,93,905.01Crore) in February2020. Non-oil imports inApril-February 2020-21 were USD268.72Billion (₹ 19,90,614.06Crore) which was 16.74per cent lower in Dollar terms (12.56percent lower in Rupee terms), compared to USD322.74Billion (₹ 22,76,503.32Crore) in April-February2019-20.

Non-Oil and Non-Gold imports wereUSD26.27Billion in February2021, recording a positive growth of 6.07per cent, as compared to Non-Oil and Non-Gold importsof USD 24.76Billion in February2020. Non-Oil and Non-Gold imports wereUSD242.61Billion in April-February 2020-21, recording a negative growth of (-) 17.96per cent, as compared to Non-Oil and Non-Gold imports ofUSD 295.73Billion in April-February 2019-20.

II. TRADE IN SERVICES

EXPORTS (Receipts)

As per the latest press release by RBI dated 15^thMarch 2021, exports in January 2021 were USD 17.08Billion (₹ 1,24,841.61Crore) registering a negative growth of (-) 10.06per cent in Dollar terms, vis-à-vis January2020. The estimated value of services export for February2021* is USD 17.29Billion.

IMPORTS (Payments)

As per the latest press release by RBI dated 15^th March 2021, imports in January 2021were USD 10.10Billion (₹ 73,825.87Crore) registering a negative growth of (-) 15.86 per cent in Dollar terms, vis-à-vis January 2020. The estimated value of services import for February2021* is USD 10.36 Billion.

III.TRADE BALANCE

MERCHANDISE: The trade deficit for February2021 was estimated at USD12.62Billion as against the deficit of USD10.16Billion inFebruary2020, which is an increase of 24.14 percent.

SERVICES: As per RBI’s Press Release dated 15^th March 2021, the trade balance in Services (i.e. Net Services export) for January 2021is USD6.98Billion. The estimated trade balance in February 2021* is USD 6.94Billion.

OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-February 2020-21* is estimated at USD7.80Billion as compared to the deficit of USD75.90Billion in April-February 2019-20.

*Note: The latest data for services sector released by RBI is for January 2021. The data for February2021 is an estimation, which will be revised based on RBI’s subsequent release.  

MERCHANDISE TRADE 

EXPORTS & IMPORTS  : (US $ Billion)
(PROVISIONAL)
	FEBRUARY	APRIL-FEBRUARY
EXPORTS (including re-exports)
2019-20	27.74	291.87
2020-21	27.93	256.18
% Growth 2020-21/ 2019-20	0.67	-12.23
IMPORTS
2019-20	37.90	443.24
2020-21	40.54	340.80
% Growth 2020-21/ 2019-20	6.96	-23.11
TRADE BALANCE
2019-20	-10.16	-151.37
2020-21	-12.62	-84.62
EXPORTS &IMPORTS: (Rs. Crore)
(PROVISIONAL)
	FEBRUARY	APRIL-FEBRUARY
EXPORTS (including re-exports)
2019-20	1,98,328.86	20,60,069.56
2020-21	2,03,201.56	18,99,568.63
% Growth 2020-21/ 2019-20	2.46	-7.79
IMPORTS
2019-20	2,70,973.39	31,26,965.99
2020-21	2,94,985.04	25,24,727.09
%Growth 2020-21/ 2019-20	8.86	-19.26
TRADE BALANCE
2019-20	-72,644.53	-10,66,896.42
2020-21	-91,783.48	-6,25,158.46

SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL)	January 2021	April-January 2020-21
EXPORTS (Receipts)	17.08	166.17
IMPORTS (Payments)	10.10	96.28
TRADE BALANCE	6.98	69.89
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)	January 2021	April-January 2020-21
EXPORTS (Receipts)	1,24,841.61	12,37,541.83
IMPORTS (Payments)	73,825.87	7,16,842.28
TRADE BALANCE	51,015.74	5,20,699.56
Source: RBI Press Release dated 15th March 2021

Quick Estimates February 2021

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YB/SS

Trade deficit narrows year to date as exports and imports decline, while sectoral divergences persist in merchandise and services. India's external trade in April-February 2020-21 contracted overall with merchandise exports declining cumulatively despite a marginal uptick in February; imports fell sharply year to date driven by a large reduction in oil imports while non oil imports rose in February but declined cumulatively. Services receipts and payments registered year on year contractions in the latest RBI release for January 2021, with February 2021 service figures estimated. The merchandise trade deficit widened in February, but the combined merchandise and services deficit for April-February narrowed substantially versus the prior year; February services data remain provisional.