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India’s exports rise by 22.36% in February; trade deficit widens to $21.19 billion

03 Mar 2022 Evaluate

The commerce ministry in its preliminary data has indicated that India's exports rose by 22.36 per cent to $33.81 billion in February 2022 on account of healthy growth in sectors like engineering, petroleum and chemicals. Imports during the month too jumped by about 35 per cent to $55 billion, with inbound shipments of petroleum and crude oil surging 66.56 per cent to $15 billion. Trade deficit, difference between imports and exports, widened to $21.19 billion during the month as against $13.12 billion in the same month last year.

India's merchandise export in April 2021-February 2022 was $374.05 billion, an increase of 45.80 per cent over $256.55 billion in April 2020-February 2021. Imports during the 11-month period rose by 59.21 per cent to $550.12 billion. Trade deficit during this period widened to $176.07 billion as against $88.99 billion during April-February 2020-21.

According to the data, gold imports in February dipped by 11.45 per cent to $4.68 billion. Imports of electronic goods rose by about 29 per cent to $6.24 billion. Exports of engineering goods, petroleum and chemicals in February increased by 31.34 per cent, 66.29 per cent and 24.74 per cent to $9.27 billion, $4.1 billion and $2.4 billion, respectively. Pharmaceutical exports, however, slipped by 3.13 per cent to $1.9 billion in February.

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