Overall imports witnessed a marginal decline of 0.74 per cent in the month under review. The imports stood at $41.14 billion in January 2020.
India’s merchandise exports fell for the sixth consecutive month in January 2020. The exports for the month were down by 1.66 per cent to $25.97 billion as compared to $26.41 billion in January 2019, said Ministry of Commerce and Industry in a release. The exports for major commodity groups, on the other hand, showed a positive growth last month. Among these, electronic goods showed an uptick of 32.81 per cent followed by drugs and pharmaceuticals with an increase of 12.37 per cent. In the first eleven months,
Ministry of Commerce and Industry release said that the cumulative value of exports for the period between April and January 2019-20 was $265.26 billion. In comparison, during the period between April and January in FY19, this figure stood at $270.49 billion, which is a negative growth of 1.93 per cent. However, among major import products, coal fell by 24.4 per cent, chemicals were down by 12 per cent and gold shrank by 31.5 per cent. Machinery and transport imports were up by 4 per cent and 2 per cent, respectively.
Meanwhile, oil imports have increased by 15.27 per cent last month to $12.97 billion as compared to oil import worth $1.25 billion in the same month last year. After many statements, the government is unable to reduce its dependence on oil imports. The country’s dependence on oil imports has been increasing since FY15. Dharmendra Pradhan, Minister of Petroleum and Natural Gas had recently provided data in Lok Sabha which revealed that dependence on crude oil has increased from 78.3 per cent in FY15 to 83.8 per cent in FY19.