Exports up 25.1 pc to USD 34.57 bn in February; trade deficit widens to USD 20.88 bn

Source: Financial Express, 14 March 2022

India’s exports rose 25.1 per cent to USD 34.57 billion in February on account of healthy growth in sectors like engineering, petroleum and chemicals, even as the trade deficit widened to USD 20.88 billion, according to data released by the commerce ministry on Monday.

Imports during the month too jumped 36 per cent to USD 55.45 billion, with inbound shipments of petroleum and crude oil surging 69 per cent to USD 15.28 billion. Trade deficit — the difference between imports and exports — stood at USD 13.12 billion in February 2021.

“Merchandise exports for the period April-February 2021-22 was USD 374.81 billion as against USD 256.55 billion during the period April-February 2020-21, registering a positive growth of 46.09 per cent,” the ministry said.

Imports during the 11-month period rose 59.33 per cent to USD 550.56 billion. Trade deficit during this period widened to USD 175.75 billion as against USD 88.99 billion during April-February 2020-21.

According to the data, gold imports in February dipped by 9.65 per cent to USD 4.8 billion. Imports of electronic goods rose about 29.53 per cent to USD 6.27 billion. Exports of engineering goods, petroleum and chemicals in February increased by 32 per cent, 88.14 per cent and 25.38 per cent to USD 9.32 billion, USD 4.64 billion and USD 2.4 billion, respectively. Pharmaceutical exports, however, slipped by 1.78 per cent to USD 1.96 billion in February.

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