The Aryavarth Express
Agency(New Delhi): India achieved its highest monthly export value for the current fiscal year in February, marking a significant 11.9% growth to reach $41.4 billion. This surge was primarily fueled by increased shipments in engineering goods, electronic items, and pharmaceutical products.
The country experienced a trade deficit of $18.7 billion in February, a rise from $16.57 billion in the same month last year, with a notable surge in gold imports contributing to this increase. The value of merchandise imports ascended to $60.11 billion, showing a 12.16% increase compared to $53.58 billion in February of the previous year. Notably, gold imports saw a dramatic increase of 133.82%, reaching $6.15 billion, up from $2.63 billion the year before. Throughout April to February, gold imports totaled $44 billion, marking a 38.76% increase over the same period in the last financial year.
Commerce Secretary Sunil Barthwal highlighted the remarkable export performance in February amidst challenges such as the Russia-Ukraine conflict and economic downturns in certain nations. He emphasized that this period saw the highest export growth for the 11 months of the fiscal year, both in merchandise and overall exports, which is very encouraging. Barthwal also noted that India’s total exports for this financial year are projected to surpass last year’s record levels.
Key contributors to the merchandise export growth in February included engineering goods, electronic goods, organic and inorganic chemicals, drugs and pharmaceuticals, and petroleum products. Engineering goods exports rose by 15.9% to $9.94 billion, electronic goods shipments surged by 54.81% to $3 billion, and exports of organic and inorganic chemicals increased by 33.04% to $2.95 billion. Additionally, exports in drugs and pharmaceutical products saw a 22.24% yearly increase, and petroleum products exports grew by 5.08% to $8.24 billion.
For the period from April to February of the 2023-24 fiscal year, India’s overall exports (merchandise and services combined) are estimated at $709.81 billion, a growth of 0.83% over the same period in the previous year. Meanwhile, overall imports showed a contraction of 4.64%, totaling $782.05 billion. Consequently, the overall trade deficit improved by 37.8% from $116.13 billion to $72.24 billion, and the merchandise trade deficit improved by 8.43% from $245.94 billion to $225.20 billion, as per the commerce ministry’s statement.
February 2024’s total exports (merchandise and services combined) are estimated at $73.55 billion, marking a 14.2% growth over February 2023. Overall imports for the same month are estimated at $75.50 billion, reflecting a 10.13% increase over the previous year.