Exports from the country declined for the third consecutive month in December 2020. Last year, in December 2020, exports fell 0.8 per cent to Rs 1.97 lakh crore (US $ 2689 crore). According to government data, the decline in exports was due to a decline in the sectors of petroleum, leather and marine products. Trade deficit also increased by 25.78 per cent to Rs 1.15 lakh crore ($ 1571 million) due to increased imports in December. According to the data released by the Commerce Ministry, in December 2020, imports increased by 7.6 percent to 3.12 lakh crore rupees ($ 4260 million) last month. In December 2019, exports were $ 2711 million and imports were $ 3950 million. Exports had fallen by 8.74 percent in November 2020.
In April-December 2020, merchandise exports shrunk by 15.8 per cent to Rs 14.7 lakh crore ($ 20,055 crore) as against 17.4 lakh crore rupees ($ 23,827 crore) in the same period last year, April-December 2019. In the first nine months of the current financial year 2020-21, imports fell by 29.08 per cent and imports were Rs 18.9 lakh crore (Rs 25.9 thousand crore). In April-December 2019, 26.6 lakh crore rupees ($ 36,418 crore) was imported.
In December 2020, oil imports fell by 10.37 per cent to $ 961 million (Rs 70.2 thousand crore). Talking about April-December 2020, oil imports fell 44.46 percent to USD 5371 million (Rs 3.9 lakh crore) during this period.
