March 15, 2022
Imports increased by 36% to reach US$ 55.45 billion
Overall merchandise exports for April-February 2021-22 stood at US$ 374.81 billion
Imports of electronic goods increased by 29.53% to US$ 6.27 billion
Exports of pharmaceuticals and gold imports both slipped by 1.78% and 9.65%
India’s exports rose by 25.1% year on year to US$ 34.57 billion in February driven by engineering, petroleum, electronics, and chemical shipments, despite the trade deficit increasing to US$ 20.88 billion from US$13.12 billion in the same period in 2021. Imports increased by 36% to reach US$ 55.45 billion, with inbound shipments of petroleum and crude oil rising by 69% to $15.28 billion as per the commerce and industry ministry.
Overall merchandise exports for April-February 2021-22 were valued at US$ 374.81 billion compared to US$ 256.55 billion in April-February 2020-21, registering a growth of 46.09%. In this period, imports increased by 59.33% to reach US$ 550.56 billion as well. It must be noted that the trade deficit also widened to US$ 175.75 billion as against US$ 88.99 billion as compared to April-February 2020-21.
Imports of electronic goods increased by 29.53% to US$ 6.27 billion and exports of engineering goods, petroleum and chemicals rose by 32%, 88.14%, and 25.38% respectively.
However, exports of pharmaceuticals and gold imports both slipped by 1.78% and 9.65% to reach US$ 1.96 billion and US$ 4.8 billion respectively.