Exports from India surge to $41.4 billion in February

New Delhi: Exports from India registered a growth of 11.9 per cent in February. Total exports from the country in last month stood at $41.4 billion. This is the highest monthly exports during the fiscal. The main drivers of merchandise export growth in February include engineering goods, electronic goods, organic and inorganic chemicals, drugs and pharmaceuticals, and petroleum products.

Merchandise imports in last month were at $60.11 billion. It witnessed a surge of 12.16 per cent.  Merchandise imports   were at $53.58 per cent in February 2023.

Also Read: Union government increases windfall tax on domestic crude oil

The trade deficit during February was at $18.7 billion. It was at $ 16.57 billion in February 2023. The surge in gold imports is the main reason for the increase in trade deficit.  Trade deficit is the difference between imports and exports.

Engineering Goods exports in February recorded an increase of 15.9 per cent at $9.94 billion over $8.58 billion in February 2023. Electronic goods shipments were up by 54.81 per cent at $3 billion over $1.94 billion in February 2023. Exports of organic and inorganic chemicals increased by 33.04 per cent to $2.95 billion in February. Exports of drugs and pharmaceutical products increased 22.24 per cent annually, while petroleum products exports registered a growth of 5.08 per cent at $8.24 billion.

India’s overall exports (merchandise and services combined) in April-February 2023-24 are estimated to be $709.81 billion, a growth of 0.83 per cent over April-February 2022-23. Overall imports in April-February 2023-24 are estimated to be $782.05 billion, exhibiting a contraction of 4.64 per cent over the corresponding period of the last fiscal.

‘Overall trade deficit improves by 37.8 per cent from USD 116.13 billion in April-February 2022-23 to USD 72.24 billion in April-February 2023-24. Merchandise trade deficit improves by 8.43 per cent from USD 245.94 billion in April-February 2022-23 to USD 225.20 billion in April-February 2023-24,’ the commerce ministry said in a statement.

India’s overall exports (merchandise and services combined) in February 2024 are estimated to be $73.55 billion, exhibiting a growth of 14.2 per cent over February 2023.