India’s April-February trade deficit up $18.71 bn at $225.20 bn

India registered a trade deficit of $18.71 billion in February 2024, taking its trade deficit for April-February 2023-24 to $225.20 billion. The figure, however, is 8.4 per cent lower compared to $245.94 billion deficit in the 11-month period ended February 2023. 

India’s merchandise exports in February 2024 increased by 11.86 per cent to $41.40 billion against exports valued at $37.01 billion in February 2023.

February also recorded the highest monthly merchandise exports so far in the current fiscal.

Merchandise imports into the country increased to $60.11 billion in February 2024 against imports of $53.58 billion in February 2023.

Trade deficit for February 2024 increased by 12.19 per cent to $18.71 billion.

The increase in February exports was mainly due to better performance by engineering and electronic goods, chemicals, drugs and pharmaceuticals and petroleum products.

Export of engineering goods increased by 15.9 per cent to $9.94 billion year-on-year from $8.58 billion; electronic goods exports increased by 54.81 per cent to $3 billion from $1.94 billion; exports of chemicals increased by 33.04 per cent to $2.22 billion from $2.95 billion; exports of drugs and pharmaceuticals increased by 22.24 per cent to $2.51 billion from $2.06 billion; and export of petroleum products grew 5.08 per cent to $8.24 billion from $7.84 billion.

Other products that showed sizeable increase in exports in February 2024 include agricultural products (58.24 per cent), meat, dairy and poultry products (37.83 per cent), oilseeds (37.71 per cent), cereal preparations and miscellaneous processed items (17.69 per cent), spices (14.84 per cent), fruits and vegetables (12.72 per cent) and rice (1.81 per cent).

Merchandise exports for the period April-February 2023-24 were lower at $394.99 billion compared to exports valued at $409.11 billion during April-February 2022-23.

Merchandise imports for the period April-February 2023-24 stood at $620.19 billion against $655.05 billion during April-February 2022-23.

Overall merchandise trade deficit declined by 8.43 per cent to $225.20 billion in April-February 2023-24 from $245.94 billion in April-February 2022-23.

Twenty-two of the 30 key export sectors recorded growth, while 13 out of 30 key import sectors exhibited negative growth in February 2024.

During April-February 2023-24, 15 of the 30 key export  sectors recorded growth, while 17 of the 30 import sectors showed negative growth.