February: Petro, engineering items drive exports up 22%

Merchandise commerce deficit rose 61.6 per cent to $21.2 billion in February, on the again of sharp will increase in imports of crude oil, digital items and coal, information from Commerce and Industry Ministry confirmed on Wednesday.

Imports grew by 35 per cent to $55 billion final month, whereas exports rose 22.4 per cent to $33.8 billion, led by larger shipments of petroleum merchandise, engineering items and natural and inorganic chemical compounds.

Commerce Minister Piyush Goyal mentioned final month India was on monitor to cross $400 billion of merchandise exports in FY22.

Cumulative imports this fiscal have risen 59.2 per cent to $550.1 billion, whereas exports have grown 45.8 per cent to $374.1 billion. Trade deficit for April-February FY22 nearly doubled to $176.1 billion from $89 billion a 12 months in the past.

Exports of engineering items have grown at 49.8 per cent within the fiscal so far, with exports of petroleum merchandise rising at 147.6 per cent, and of gems and jewelry at 57.3 per cent. Imports of crudes oil, digital items have risen by 95.4 per cent, 33.7 per cent and 72.5 per cent, respectively, attributable to a pointy restoration in home demand and better crude oil costs.