February: Petro, engineering goods drive exports up 22%
Commerce Minister Piyush Goyal said last month India was on track to cross $400 billion of merchandise exports in FY22.
Imports of crudes oil, electronic goods have risen by 95.4 per cent, 33.7 per cent and 72.5 per cent, respectively, due to a sharp recovery in domestic demand and higher crude oil prices. Reuters/File Merchandise trade deficit rose 61.6 per cent to $21.2 billion in February, on the back of sharp increases in imports of crude oil, electronic goods and coal, data from Commerce and Industry Ministry showed on Wednesday.
Imports grew by 35 per cent to $55 billion last month, while exports rose 22.4 per cent to $33.8 billion, led by higher shipments of petroleum products, engineering goods and organic and inorganic chemicals.
Commerce Minister Piyush Goyal said last month India was on track to cross $400 billion of merchandise exports in FY22.
Cumulative imports this fiscal have risen 59.2 per cent to $550.1 billion, while exports have grown 45.8 per cent to $374.1 billion. Trade deficit for April-February FY22 almost doubled to $176.1 billion from $89 billion a year ago.
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