India’s exports stage sharp recovery, shoot up over 36% in April-February
INDIA’S foreign trade is showing a sharp recovery. A communique by the Ministry of Commerce and Industry indicates that imports and exports of both merchandise and services are showing an upward trend.
India’s merchandise and service exports last month were estimated at $57.03 billion, marking an increase of 25.41 per cent over the same month last year and 27.07 per cent over February 2020, ministry figures show.
India’s imports have also shot up with overall imports last month estimated to be $69.35 billion, rising by 35.64 per cent over the same period last year.
India’s overall exports and imports – merchandise and services combined – in the period between April 2021 and February 2022 clocked in at about $601.77 billion and $683.01 billion, respectively, up by 36.19 per cent and 51.51 per cent year-onyear, according to the ministry.
Merchandise shipments have been a major driver of overall recovery in exports. Merchandise exports last month were $34.57 billion, gaining 25.10 per cent over $27.63 billion in February 2021. Merchandise imports last month were $55.45 billion, an increase of 36.07 per cent over $40.75 billion in February 2021.
However, the balance of trade remains negative as imports have also surged. The merchandise trade deficit for February 2022 was estimated at $20.88 billion, or 59.18 per cent wider than the $13.12 billion logged in February 2021.
The rise in exports is seen in all the sectors including non-petroleum and nongems and jewellery goods.
Last month’s non-petroleum and nongems and jewellery exports were $26.75 billion, up by 19.01 per cent over $22.48 billion in February 2021, and 25.72 per cent over $21.28 billion in February 2020.
And last month’s non-petroleum and non-gems and jewellery imports were $31.70 billion, up by 32.04 per cent over $24.01 billion in February 2021, and 42.72 per cent over $22.21 billion in February 2020, ministry data indicate.