India’s Trade Deficit Widens To $15.71 Billion In December
The country's exports declined marginally by 0.8% to $26.89 billion in December 2020, due to contraction in sectors like petroleum, leather and marine products, according to preliminary 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, the data showed.
Exports in December 2019 was $27.11 billion, while imports stood at $39.5 billion. In November 2020, the exports were down by 8.74%
In April-December 2020-21, the country's merchandise 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.