Exports up 22.36%; trade deficit widens to $21.19 bn in Feb

India's exports rose by 22.36 per cent to $33.81 billion in February on account of healthy growth in sectors like engineering, petroleum and chemicals, even as the trade deficit widened to $21.19 billion, according to preliminary data released by the commerce ministry on Wednesday.

Imports during the month too jumped by about 35 per cent to $55 billion, with inbound shipments of petroleum and crude oil surging 66.56 per cent to $15 billion.

The trade deficit -- the difference between imports and exports -- stood at $13.12 billion in February 2021.

"India's merchandise export in April 2021-February 2022 was $374.05 billion, an increase of 45.80 per cent over $256.55 billion in April 2020-February 2021," it said.

Imports during the 11-month period rose by 59.21 per cent to $550.12 billion.

Trade deficit during this period widened to $176.07 billion as against $88.99 billion during April-February 2020-21.

According to the data, gold imports in February dipped by 11.45 per cent to $4.68 billion.

Imports of electronic goods rose by about 29 per cent to $6.24 billion.

Exports of engineering goods, petroleum and chemicals in February increased by 31.34 per cent, 66.29 per cent and 24.74 per cent to $9.27 billion, $4.1 billion and $2.4 billion, respectively.

Pharmaceutical exports, however, slipped by 3.13 per cent to $1.9 billion in February.

Commenting on the figures, the Federation of Indian Export Organisations (FIEO) said though the government has announced a slew of measures to support exports, the need of the hour is to soon announce an extension of the interest equalisation scheme and allow transfer of MEIS (Merchandise Export from India Scheme), and increase the validity of scrips to 24 months.

"Export growth in February has once again showcased the continued resilience of India's exports sector," FIEO president A Sakthivel said.