India’s  trade deficit narows to $14.54 Bn in the month of January  as export rose more than imports. Merchandise exports rose 6.16% whereas imports rose 2.03 % in January.  In December, merchandise exports and imports  rose by 0.14% and 7.56%, respectively. Exports during April-January FY21 dipped by 13.58 percent to $228.25 billion, while imports declined by 25.92 percent to $300.26 billion.

Exports – Key export sectors like engineering (18.81%) and electronic goods(16%), drugs and pharmaceuticals (16.42%), ceramic products and glassware (19.03%) and iron ore (108.84%) posted growth during the month, contributing to higher domestic production as well. The commodities which have recorded negative growth are Petroleum products (-32.06%), Leather & leather products (-18.6%), RMG of all Textiles (-10.73%) etc.

Imports – Major commodity groups of import showed negative growth in January 2021 are Petroleum, crude and other products (-27.72%), transport equipment (-25.26%), fertilisers (-11.57%), metalliferous ores and other materials, and machinery, electrical and non-electrical. Oil Imports (largest component of import bill) stood at USD 9.40 billion in declined by  27.72 per cent. Oil imports in April-January 2020-21 were $63.09 Billion which are  42.50 per cent lower. Gold imports (second largest item in import bill) in January rose 154.7 per cent to USD 4.04 Bn. Non-Oil and Non-Gold imports were USD 28.55 Billion in January 2021, recording a positive growth of 7.50 per cent

india trade jan


The maximum exports of india in January were made to the US, an increase of $254.74 million. UK and Indonesia were the next two top destinations. Commenting on the numbers, Federation of Indian Export Organisations President S K Saraf said negative growth in exports of major products including petroleum products, leather, meat, dairy and poultry products, and gems and jewellery, which are major constituents of the export basket and mainly related to labour-intensive sectors, have been of key concern during the month. Gold imports may taper off from the high levels seen in December 2020-January 2021, as the wedding season draws to a close.

Source: Ministry of Commerce & Industry, Livemint,Business Standard


Elite Wealth Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.
For analyst certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by Elite Wealth Limited are registered/qualified as research analysts with SEBI in India.( SEBI Registration No.: INH100002300)
Disclosure Appendix
Analyst Certification (For Reports)
Israil Khan, Elite Wealth Limited,
The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth Limited.
As to each individual report referenced herein, the primary research analyst(s) named within the report individually certify, with respect to each security or issuer that the analyst covered in the report, that:
(1) all of the views expressed in the report accurately reflect his or her personal views about any and all of the subject securities or issuers; and
(2) no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in the report.
For individual analyst certifications, please refer to the disclosure section at the end of the attached individual notes.
Research Excerpts
This note may include excerpts from previously published research. For access to the full reports, including analyst certification and important disclosures, investment thesis, valuation methodology, and risks to rating and price targets, please visit
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting, or emailing with your request. Elite Wealth Limited may screen companies based on Strategy, Technical, and Quantitative Research. For important disclosures for these companies, please e-mail
Options related research:
If the information contained herein regards options related research, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the risk disclosure documents, please contact your Broker’s Representative or visit the OCC’s website at
Other Disclosures
All research reports made available to clients are simultaneously available on our client websites. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your respective broker’s sales person.
Ownership and material conflicts of interest Disclosure
Elite Wealth Limited policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst’s area of coverage. Analyst compensation: Analysts are salary based permanent employees of Elite Wealth Limited. Analyst as officer or director: Elite Wealth Limited policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, advisory board member or employee of any company in the analyst’s area of coverage.
Country Specific Disclosures
India – For private circulation only, not for sale.
Legal Entities Disclosures
Mr. RavinderParkash Seth is the Managing Director of Elite Wealth Ltd (EWL, henceforth), having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, is a SEBI registered Research Analyst and is regulated by Securities and Exchange Board of India. Telephone:011-43035555, Facsimile: 011-22795783 and Website:
EWL Advisory discloses all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:
1. Reports
a) EWL Advisory or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL Advisory or its associates or relatives, have no actual/beneficial ownership of one %. or more in the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance;
(c) EWL Advisory or its associate or his relative, has no other material conflict of interest at the time of publication of the research report or at the time of publicappearance;
2. Compensation
(a) EWL Advisory or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL Advisory or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL Advisory or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject companyin the past twelve months;
(d) EWL Advisory or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerageservices from the subject company in the past twelve months;
(e) EWL Advisory or its associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
3 In respect of Public Appearances
(a) EWL Advisory or its associates have not received any compensation from the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report and the types of services provided by EWL Advisory