india trade deficit: India’s imports and exports dip over 8% each in February, trade deficit at $17.43 bn

India‘s merchandise imports and exports each saw a dip of over 8 per cent on an annual basis in the month of February, government data showed on Wednesday. India’s exports have now contracted for the third straight month, mirroring an anemic manufacturing activity.

India’s merchandise trade deficit in February stood at $17.43 billion, according to a Reuters calculation, marginally lower than the $17.75 billion recorded in the previous month, and below the $19 billion forecast in a Reuters poll.

Exports dipped to USD 33.88 billion in February 2023 from USD 37.15 billion in the same month a year ago while imports fell to USD 51.31 bn as against USD 55.9 bn in the same month last year.

India’s merchandise exports saw a rise of 7.55 per cent in the April-February period to USD 405.94 billion while imports rose 18.82 per cent to USD 653.47 billion.

“The figures are very encouraging, we have been able to keep the momentum,” the commerce secretary said.
“After seeing the trend we can say we would be exceeding the target for FY23.”