New Delhi: As per a data released by the Union Ministry of Commerce and Industry, it is revealed that the country’s trade deficit widened in the month of February. Trade deficit is the difference between imports and exports of the country.
As per the data, the trade deficit increased to $21.19 billion in last month. India’s exports surged to $33.81 billion from $27.63 billion from a year earlier. Imports rose to $55.01 billion from $40.75 billion recorded in the corresponding period of last year. In the last month, the imports climbed by 35% to $55 billion.
The merchandise export in April 2021-February 2022 surged by 45.80% to $374.05 billion. It was at $256.55 billion in April 2020-February 2021. imports during the 11-month period rose by 59.21% to $550.12 billion.
Earlier, the government also revealed that the trade deficit of the country with China has declined from 63.05 billion US dollars in 2017-18 to 44.02 billion US dollars in the financial year 2020-21. 65.21 US billion dollars’ worth of imports were made from China whereas India exported 21.19 US billion dollars’ worth of goods to China. The major items of exports to China are engineering goods, electronic goods, marine products, organic and petroleum products among others.