India’s exports rose 25.1 percent in February to $ 34.57, while imports rose 36 percent to $ 55.450 billion, raising the trade deficit to $ 20.88 billion, according to Monday’s trade ministry data.
Healthy external demand for goods from India, including engineering, oil and chemicals, saw an increase in exports compared to a year ago. Domestic demand rose by 69% for oil and crude oil while imports rose.
The trade deficit – the difference between imports and exports – widened by $ 7.76 trillion in February compared to $ 13.12 trillion in February 2021.
“Merchandise exports for the April-February 2021-22 period were $ 374,810 million, compared to the $ 256.55 million in April-February 2020-21, a positive growth of 46.09 percent,” the Commerce Ministry said.
11-month imports rose 59.33 percent to $ 550.56 billion. During this period, the trade deficit increased to $ 175,750 billion, compared to $ 88.99 billion in April-February 2020-2020.
Gold imports fell 9.65 percent in February to $ 4.8 billion in February. Imports of electronics rose about 29.53 percent to $ 6.70 billion.
Exports of engineering, oil and chemicals rose 32 percent, 88.14 percent and 25.38 percent in February to $ 9.32 billion, $ 4.64 billion and $ 2.4 billion, respectively.
Pharmaceutical exports, however, fell 1.78% to $ 1.9 trillion in February.