Business Across Borders 2021

12 Further, a closer analysis of exports data reveals that India receives almost 50% of it’s total exports revenue from these top 10 export destinations, pointing towards higher concentration of India’s exports. India’s merchandise exports performance vis-à-vis other trading partners India’s export performance vis-a-vis other countries % change in exports -35.0 -30.0 -25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 Brazil China Germany India Indonesia Malaysia Philippines Russia South Africa Singapore Thailand UK USA Viet n am Note: Data pertain to the Calendar Year 2020 (Data till November 2020; except for India, Singapore and Vietnam where data is available till December 2020; In case of China data from February-December 2020) Source: World Trade Organisation The impact of the pandemic on international trade has not been uniform across different countries. If we compare India’s exports performance vis-à-vis its major trading partners including BRICS, emerging market economies (EMEs) like Brazil, China, Indonesia, Malaysia and Vietnam have performed comparatively better. In fact, albeit small, China and Vietnam have shown positive growth in exports partly due to the effective control of the pandemic in these two countries after the initial outbursts. In case of Vietnam, effective use of Free Trade Agreements (FTAs) for the expansion of export markets also contributed in the export growth in 2020. Barring Singapore, advanced economies like Germany, Russia, the US & UK witnessed substantial decline in their exports due to repeated outbursts of COVID-19 cases and it’s consequent impact on the economic activities. Services exports India’s services exports in 2020 7 7 1 -9 -10 -8 -11 -10 -1 -6 - 5 -12 -10 -8 -6 -4 -2 0 2 4 6 8 Jan-20 Feb-20 Mar -20 Apr -20 May -20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 % y-o-y change Source: Ministry of Commerce Dun & Bradstreet