India’s goods exports fell 8.8% in February to $33.88 billion while imports fell 8.2% from a year ago to $51.31 billion, as per Commerce Ministry estimates.
This is the second time in three months that goods exports have shrunk, but February’s dip was steeper than the 3% contraction recorded in December 2022.
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In January, the government had initially estimated a 6.6% drop in exports to $32.91 billion, which has now been revised upward to $35.76 billion reflecting a 1.5% rise from January 2022 levels.
January’s import numbers have also been revised up from $50.66 billion to $52.33 billion, 0.45% lower than a year ago. The merchandise trade deficit during February stands at $17.43 billion, higher than the $16.56 billion in January.
For the 11 months of 2022-23, India’s total goods exports now stand at $405.94 billion, 7.55% higher than the same period of 2021-22. Imports have grown 18.82% over the same period to $653.47 billion from about $550 billion a year ago.
Consequently, India’s goods trade deficit for this year is now 43.5% higher than the first 11 months of 2021-22, at $247.53 billion.
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