New Delhi: Of India export It rose 25.1 percent to $34.57 billion in February, driven by higher shipments of engineering, petroleum and chemicals goods. trade deficit According to commerce ministry data released on Monday, it rose to $ 20.88 billion.
Imports also rose 36 percent to $55.45 billion during the month, with petroleum and crude arrivals rising 69 percent to $15.28 billion.
The trade deficit – the difference between imports and exports – stood at $13.12 billion in February 2021.
“Merchant exports for the period April-February 2021-22 stood at $374.81 billion, registering a positive growth of 46.09 per cent as against $256.55 billion during the period April-February 2020-21,” the ministry said.
Imports rose 59.33 percent to $550.56 billion during the 11-month period. The trade deficit during this period widened to $175.75 billion as against $88.99 billion during April-February 2020-21.
According to the data, gold imports in February declined by 9.65 percent to $ 4.8 billion. Imports of electronic goods rose nearly 29.53 per cent to $6.27 billion.
Exports of engineering goods, petroleum and chemicals rose 32 per cent, 88.14 per cent and 25.38 per cent to $9.32 billion, $4.64 billion and $2.4 billion, respectively, in February.
However, pharmaceutical exports declined by 1.78 per cent to $1.96 billion in February.
Commenting on the figures, ICRA’s Chief Economist Aditi Nair said that higher commodity prices would impact imports in March 2022, but the volume of oil imports would play a significant role in determining the size of the trade deficit.
“We expect the trade deficit to exceed $20 billion in the current month,” she said, adding that growth in goods exports in February 2022 relative to a year ago level was primarily driven by engineering goods and petroleum products Was.
Taking advantage of high commodity prices and global optimism, India’s exports of goods in the current fiscal will be around $410 billion, Nair said.
“With the sharp increase in the trade deficit, we expect the current account deficit to cross 3 per cent in Q3 FY22, for the first time since the June 2013 quarter, before narrowing somewhat in the current quarter. .
“For FY2023, we project the current account deficit at 2.8 percent of GDP, if crude oil prices average $115/barrel, which is likely to be significant during a period of geopolitical tensions,” he said. will depend on it.”
Imports also rose 36 percent to $55.45 billion during the month, with petroleum and crude arrivals rising 69 percent to $15.28 billion.
The trade deficit – the difference between imports and exports – stood at $13.12 billion in February 2021.
“Merchant exports for the period April-February 2021-22 stood at $374.81 billion, registering a positive growth of 46.09 per cent as against $256.55 billion during the period April-February 2020-21,” the ministry said.
Imports rose 59.33 percent to $550.56 billion during the 11-month period. The trade deficit during this period widened to $175.75 billion as against $88.99 billion during April-February 2020-21.
According to the data, gold imports in February declined by 9.65 percent to $ 4.8 billion. Imports of electronic goods rose nearly 29.53 per cent to $6.27 billion.
Exports of engineering goods, petroleum and chemicals rose 32 per cent, 88.14 per cent and 25.38 per cent to $9.32 billion, $4.64 billion and $2.4 billion, respectively, in February.
However, pharmaceutical exports declined by 1.78 per cent to $1.96 billion in February.
Commenting on the figures, ICRA’s Chief Economist Aditi Nair said that higher commodity prices would impact imports in March 2022, but the volume of oil imports would play a significant role in determining the size of the trade deficit.
“We expect the trade deficit to exceed $20 billion in the current month,” she said, adding that growth in goods exports in February 2022 relative to a year ago level was primarily driven by engineering goods and petroleum products Was.
Taking advantage of high commodity prices and global optimism, India’s exports of goods in the current fiscal will be around $410 billion, Nair said.
“With the sharp increase in the trade deficit, we expect the current account deficit to cross 3 per cent in Q3 FY22, for the first time since the June 2013 quarter, before narrowing somewhat in the current quarter. .
“For FY2023, we project the current account deficit at 2.8 percent of GDP, if crude oil prices average $115/barrel, which is likely to be significant during a period of geopolitical tensions,” he said. will depend on it.”