The nation’s exports had contracted by 6.58 per cent to USD 32.91 billion in December 2022. (Representative picture)
In the 11 months of the present fiscal, crude oil imports rose to USD 193.47 billion as towards USD 140.67 billion in the identical interval of 2021-22.
Contracting for the third month in a row, India’s exports declined by 8.8 per cent to USD 33.88 billion in February on account of slowdown in world demand, even because the commerce deficit touched a few 12 months low of USD 17.43 billion through the month, in response to official knowledge launched on Wednesday.
Imports additionally declined by 8.21 per cent to USD 51.31 billion as towards USD 55.9 billion recorded within the corresponding month final 12 months.
Cumulatively, nonetheless throughout April-February this fiscal, the nation’s total merchandise exports rose by 7.5 per cent to USD 405.94 billion. Imports through the interval elevated by 18.82 per cent to USD 653.47 billion.
The merchandise commerce deficit for the April-February this fiscal stood at about USD 247.53 billion.
Also Read: India To Witness Record High Merchandise Exports Of $447.3 Bn During FY2023
The nation’s exports had contracted by 6.58 per cent to USD 32.91 billion in December 2022. In February 2022, the commerce deficit was USD 18.75 billion.
Last time, it was in January 2022 when the commerce deficit touched USD 17.42 billion.
Commerce secretary Sunil Barthwal stated that going by the pattern, India’s items and companies exports will cross USD 750 billion in 2022-23.
“We have stored the momentum regardless of the worldwide headwinds. Exporters have stored the momentum. Services exports are doing extraordinarily properly. Trade deficit has actually come down. Hopefully we will likely be doing higher,” Barthwal told reporters here.
He added that the ministry has started exercise to fix the target for the next fiscal also.
Export sectors that recorded negative growth during the 11-month period of this fiscal included engineering goods, gems and jewellery, cotton yarn/fabrics/made-ups, and plastic and linoleum.
Engineering exports dipped to USD 98.86 billion during April-February 2022-23 from USD 101.15 billion in the same period last fiscal. In the same period, gems and jewellery shipments declined to USD 35.21 billion from USD 35.32 billion during April-February 2022-23.
Sectors which recorded positive growth included petroleum products, chemicals, pharma, electronic goods, rice, ready-made garments of textiles.
Gold imports during April-February this fiscal contracted to USD 31.72, as against USD 45.12 billion in the same period last year.
In the 11 months of the current fiscal, crude oil imports rose to USD 193.47 billion as against USD 140.67 billion in the same period of 2021-22.
Similarly, imports of coal, coke and briquettes rose to USD 46.28 billion during April-February 2022-23 as against USD 27.12 billion in the year-ago period.
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(This story has not been edited by News18 workers and is printed from a syndicated information company feed)
