India’s exports rise 25.1 per cent in Feb; trade deficit widens to $20.88 bn

New Delhi: India’s merchandise exports rose by 25.1 per cent to $34.57 billion in February led by a healthy performance of engineering, petroleum and chemicals sectors, while the country’s imports during the month jumped to $55.45 billion resulting in a trade deficit of $20.88 billion, the government data showed on Monday.

India’s overall exports, merchandise and services combined, rose by 25.41 per cent to $57.03 billion in February 2022. Overall imports in February 2022 are estimated to be $69.35 billion, exhibiting a positive growth of 35.64 per cent over the same period last year and a positive growth of 44.62 per cent over February 2020.

There has been a sharp increase in the trade deficit. The overall trade deficit, merchandise and services combined, widened to $12.32 billion in February 2022 against $5.65 billion recorded in February 2021.

India’s overall exports, merchandise and services combined, in April-February 2021-22 are estimated to be $601.77 billion, exhibiting a positive growth of 36.19 per cent over the same period last year and a positive growth of 23.44 per cent over April-February 2019-20, the Ministry of Commerce & Industry said in a statement.

Overall imports in April-February 2021-22 are estimated to be $683.01 billion, exhibiting a positive growth of 51.51 per cent over the same period last year and a positive growth of 21.66 per cent over April-February 2019-20.

Merchandise exports for the period April-February 2021-22 stood at $374.81 billion as against $256.55 billion during the period April-February 2020-21, registering a growth of 46.09 per cent.

Merchandise imports for the period April-February 2021-22 stood at $550.56 billion as against $345.54 billion during the period April-February 2020-21, registering a positive growth of 59.33 per cent.

The merchandise trade deficit widened to $175.75 billion in April-February 2021-22 as compared with $88.99 billion recorded in the corresponding period of the last year.

Non-petroleum and non-gems & jewellery exports in February 2022 stood at $26.75 billion, registering a positive growth of 19.01 per cent over non-petroleum and non-gems & jewellery exports of $22.48 billion recorded in February 2021.

Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports stood at $31.70 billion in February 2022 with a positive growth of 32.04 per cent over non-petroleum, non-gems & jewellery imports of $24.01 billion in February 2021, the data released by the Ministry of Commerce and Industry showed.