Imports Rise 7% To $40.55 Billion In February, Trade Deficit Widens To $12.88 Billion

The country's trade deficit in goods widened to $12.88 billion in February from $10.16 billion during the corresponding period a year earlier, according to preliminary data released by the government on Tuesday, March 2. Merchandise exports declined 0.25 per cent in February from a year earlier to $27.67 billion, while imports were up 6.98 per cent to $40.55 billion. India was a net importer in February 2021 with a trade deficit of $12.88 billion, as compared to $10.16 billion in the corresponding month last year, improving by 26.74 per cent. (Also Read: At 0.14%, Exports Grew Marginally In December, Trade Deficit Rose To $15.44 Billion )

Merchandise exports in February 2021 were $27.67 billion as compared to $27.74 billion in the corresponding month last year, registering a decrease of 0.25 per cent. On the other hand, imports in February were $40.55 billion, as compared to $37.90 billion in the corresponding month last year, registering an increase of 6.98 per cent.

According to data released by the Ministry of Commerce and Industry, the exports during the period of April-February2020-21 were $ 255.92 billion, as compared to $ 291.87 billion registered in the year-ago period. This exhibits a de-growth of 12.32 per cent. The imports during April-February 2020-21 were $ 340.88 billion, as compared to $ 443.24 billion registered in the year-ago period, showing a de-growth of 23.09 per cent.

Last month, the value of non-petroleum exports was $25.16 billion, registering a growth of 3.55 per cent over the corresponding month last year. The value of non-petroleum and non-gems and jewellery exports in February 2021 was $22.48 billion as compared to $ 21.28 billion in the corresponding month last year, registering a growth of 5.65 per cent.