Exports fall 0.8% in Dec, trade deficit widens to $15.71 bn

Exports fall 0.8% in Dec, trade deficit widens to $15.71 bn

PTI New Delhi Contracting for the third straight month, India’s exports slipped marginally by 0.8 per cent in December 2020 even as the trade deficit widened to $15.71 billion due to the rise in imports. Exports in December 2020 stood at $26.89 billion, as compared to $27.11 in the same month of 2019, according to […] BMW 7 SeriesBMW India has declared that it will be revising and increasing the prices for all BMW and MINI range of models effective fro – BMW News at CarTrade Global GPS Tracking Device Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2027 – DecisionDatabases.com Nissan Magnite bookings is said to have crossed 30,000 units since its launch in the Indian market on 2nd December 2020. Reports suggest that the low price point, has played a significant role in the compact-SUVs success in the market, with certain dealers suggesting the Magnite being sold out for 2021.

PTI

New Delhi

Contracting for the third straight month, India’s exports slipped marginally by 0.8 per cent in December 2020 even as the trade deficit widened to $15.71 billion due to the rise in imports.

Exports in December 2020 stood at $26.89 billion, as compared to $27.11 in the same month of 2019, according to the preliminary data released by the commerce ministry on Saturday.

The rate of contraction in the country’s outbound shipments has improved against a decline of 8.74 per cent in November, mainly due to the increase in shipments of certain sectors such as gems and jewellery, engineering and chemicals.

After a gap of nine months, imports in December recorded a positive growth of 7.6 per cent at $42.6 billion. In February 2020, it had registered a rise of 2.48 per cent.

“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 per cent,” the ministry said in a statement.

The trade deficit (the difference between imports and exports) at $15.71 billion was highest since July 2020. The country had witnessed trade surplus in June 2020.

In April-December 2020-21, the country’s merchandise exports contracted by 15.8 per cent to $200.55 billion, as compared to $238.27 billion in the same period last fiscal.

Imports during the nine months of the current fiscal declined by 29.08 per cent to $258.29 billion. It was $364.18 billion in April-December 2019-20.

In December 2020, oil imports declined by 10.37 per cent to $9.61 billion. During April-December, the imports dipped by 44.46 per cent to $53.71 billion, the ministry said.

Major commodities which have recorded positive growth in exports during the month under review include oil meals (192.60 per cent), iron ore (69.26 per cent), carpet (21.12 per cent), pharmaceuticals (17.44 per cent), spices (17.06 per cent), electronic goods (16.44 per cent), fruits and vegetables (12.82 per cent), and chemicals (10.73 per cent).

The other commodities in the positive terrain include cotton yarn/fabrics/ made-ups, handloom products (10.09 per cent), rice (8.60 per cent), meat, dairy and poultry products (6.79 per cent), gems and jewellery (6.75 per cent), tea (4.47 per cent), and engineering goods (0.12 per cent).

Sectors that registered negative growth include petroleum products (-40.47 per cent), oil seeds (-31.80 per cent), leather and leather manufactures (-17.74 per cent), coffee (-16.39 per cent), ready-made garments of all textiles (-15.07 per cent), man-made yarn/fabrics/made-ups (-14.61 per cent), marine products (-14.27 per cent), cashew (-12.04 per cent), plastic and linoleum (-7.43 per cent), and tobacco (-4.95 per cent).

The major commodities imported with positive growth in December 2020 include pulses (245.15 per cent), gold (81.82 per cent), vegetable oil (43.50 per cent), chemicals (23.30 per cent), electronic goods (20.90 per cent), machine tools (13.46 per cent), pearls, precious and semi-precious stones (7.81 per cent), and fertilisers (1.42 per cent).

Sectors which recorded negative growth in December 2020 were silver, newsprint, transport equipment, cotton raw and waste, coal, coke and briquettes.

Source: www.navhindtimes.in

Author: NT Deskhttps://www.navhindtimes.in


BMW announces price hike of all models from 4 January 2021 | CarTrade

BMW announces price hike of all models from 4 January 2021 | CarTrade

BMW India has declared that it will be revising and increasing the prices for all BMW and MINI range of models effective from 4 January 2021. The German car manufacturer attributes the increasing input cost for escalation in the prices. The rise will be up to two per cent across the entire range.

Currently, the company locally produces at its Chennai plant – the BMW 2 Series Gran Coupe, BMW 3 Series, BMW 3 Series Gran Turismo, BMW 5 Series, BMW 6 Series Gran Turismo, BMW 7 Series, BMW X1, BMW X3, BMW X4, BMW X5, BMW X7, and MINI Countryman. Meanwhile, the models taking the CBU route includes BMW 8 Series Gran Coupe, BMW X6, BMW Z4, BMW M2 Competition, BMW M5 Competition, BMW M8 Coupe, BMW X3 M, and BMW X5 M. The MINI 3-door, MINI 5-door, MINI Convertible, MINI Clubman and MINI John Cooper Works Hatch are also imported for the Indian market.

Mr. Vikram Pawah, President, BMW Group India said, “In an unprecedented year, BMW Group India has been focused on providing best-in-class products and unparalleled services to its esteemed clientele. From 4 January 2021, BMW Group India will introduce the new pricing for BMW and MINI portfolio, increasing the prices marginally by up to 2% to offset the increasing input costs. This will ensure that customer satisfaction, dealer profitability and sustainable growth, which are fundamentals of a successful business, remain strong. BMW Group India will continue to set uncompromising standards in the luxury auto industry and create customer delight.”

BMW has over 80 touchpoints with over 650 employees across the country. It also comprises of a parts warehouse in Mumbai and a training centre in Gurugram NCR.

Source: www.cartrade.com


GPS Tracking Device Market 2020: Covid-19 Impact Analysis Report 2027

GPS Tracking Device Market 2020: Covid-19 Impact Analysis Report 2027

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Nissan Magnite Sold Out For 2021? Bookings Average Close To 1000 Units Per Day Since Launch

Nissan Magnite Sold Out For 2021? Bookings Average Close To 1000 Units Per Day Since Launch

According to ET Auto, the booking numbers on Thursday (31st December 2020) evening were around 30,000 units, meaning the final tally could be even higher. Reports also suggested that the maximum number of bookings for the Magnite came in the last fortnight, the introductory period price point of Rs 4.99 lakh, ex-showroom came to an end.

Reports suggested that the demand for the Nissan Magnite across India in the last few days was so high that certain dealers had to stop accepting fresh bookings completely.

Dealers also told ET Auto, that the last day of 2020 saw a ‘mad rush’ from customers wanting to book the Magnite before the end of the introductory price tag. The last day alone is said to have garnered over 5000 units of bookings for the Magnite. Experts believe that the final tally could reveal the Magnite as the ‘most booked vehicle of 2020′.

Reports also suggested that Nissan will have to increase the production of the Magnite at its Chennai facility. It also mentions that going by the dealers booking software, the Magnite could soon be sold out for 2021.

The Nissan Magnite has definitely become a game-changer, not only for the brand but also the segment. The compact-SUV undercuts all its competitors in the segment, while still offering a host of features and equipment.

Some of the features on offer on the Nissan Magnite include LED headlamps with LED DRLs, stylish alloy wheels, electrically adjustable & foldable ORVMs, 8-inch touchscreen infotainment system with wireless Android Auto and Apple CarPlay, wireless charging, digital instrument cluster, automatic climate controls, rear AC vents, 360-degree camera and many more.

The Nissan Magnite comes in a range of five variants: XE, XL, XV, XV Premium and XV Premium (O). The compact-SUV is offered with a choice of two engine options. This includes a 1.0-litre NA petrol producing 71bhp and 96Nm of peak torque and a 1.0-litre turbo-petrol churning out 100bhp and 160Nm of peak torque.

Both engines come mated to a standard five-speed manual gearbox, with the turbo-petrol unit receiving the optional CVT automatic transmission as well.

To add to its popularity in the Indian market, the Nissan Magnite recently secured an impressive 4-star safety rating at the ASEAN NCAP programme — here are the details.

Thoughts On The Nissan Magnite Demand In The Indian Market

Nissan seems to have finally cracked the code in the Indian market. After many failures from both the Nissan and Datsun brand, the Magnite has now changed the game for the Japanese brand, within just a month of its launch.

Nissan will now have to meet the demand in order to maintain the positive response in the market.

Source: www.drivespark.com

Author: By Rahul Nagaraj


Exports fall 0.8% in Dec, trade deficit widens to $15.71 bn

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