India Imports And Exports Dip Over 8 Percent In February Know About Trade Deficit

Import and Export of India: During the last month, India’s merchandise imports and exports have seen a decline of more than 8 percent on an annual basis. India’s exports have now contracted for the third straight month, reflecting weak manufacturing activity, according to government data released on Wednesday.

India’s trade deficit stood at $17.43 billion during February. According to a Reuters calculation, this is only slightly less than the previous month’s $17.75 billion. Although Reuters had estimated $ 19 billion in its poll. This decrease shows that there has been a decrease in the manufacturing sector of the country.

Import and export decreased

Exports declined to US$ 33.88 billion in February 2023 from US$ 37.15 billion in the same month a year ago. Imports, on the other hand, fell to US$ 51.31 billion as compared to US$ 55.9 billion in the same month last year.

How much increase during the financial year

During the current financial year i.e. April 2022 to February 2023, India’s merchandise exports increased by 7.55 percent to $ 405.94 billion, while imports increased by 18.82 percent to $ 653.47 billion. Commerce Secretary said that the figures are very encouraging, we have been able to maintain the pace. He said that if this continues, we will cross the target for the current financial year.

Decline in export of 17 goods

During February, 17 out of 30 export products saw a decline. At the same time, there has been a jump of 30 percent in electric goods, whereas a 50 percent increase was estimated at $ 20. Most of the smartphones have been exported. Its export estimate during April to January has been Rs 67,333 crore or $ 8 billion.

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