India's exports jump 25.1 % in Feb; trade deficit widens to $20.88 bn
New Delhi, March 14: Owing to strong performance in the engineering, petroleum and chemicals sectors, India's merchandise exports have increased by 25.1 percent to $34.57 billion in February, while the country's imports during the month soared to $55.45 billion resulting in a trade deficit of $20.88 billion, the government data revealed on Monday.
India's total exports, including both goods and services, increased by 25.41 percent to $57.03 billion in February 2022. Overall imports are expected to reach $69.35 billion in February 2022, representing a 35.64 percent increase over the same period last year and a 44.62 percent increase over February 2020.
The trade gap has increased significantly. The overall trade deficit, which includes both goods and services, increased to $12.32 billion in February 2022, up from $5.65 billion in February 2021.
India's total exports, including merchandise and services, are expected to reach $601.77 billion in April-February 2021-22, representing a positive growth of 36.19 percent over the same period last year and a positive growth of 23.44 percent over April-February 2019-20, according to the Ministry of Commerce and Industry.
Overall imports are expected to reach $683.01 billion in April-February 2021-22, representing a gain of 51.51 percent over the same period last year and 21.66 percent over April-February 2019-20.
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Merchandise exports totalled $374.81 billion in April-February 2021-22, up 46.09 percent from $256.55 billion in April-February 2020-21.
Imports of merchandise totalled $550.56 billion in April-February 2021-22, up from $345.54 billion in April-February 2020-21, a 59.33% increase.
In April-February 2021-22, the merchandise trade deficit increased to $175.75 billion, up from $88.99 billion in the previous year's similar period.
In February 2022, non-petroleum and non-gems & jewellery exports totaled $26.75 billion, up 19.01 percent from February 2021's $22.48 billion.
Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports totalled $31.70 billion in February 2022, up 32.04 percent from $24.01 billion in February 2021, according to figures released by the Ministry of Commerce and Industry.
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-PTC News
