IGI Logo

The commerce ministry in its latest data has showed that India's Merchandise exports dipped by 8.8 per cent to $33.88 billion in February 2023 as compared to $37.15 billion in the same month last year due to a slowdown in global demand while the trade deficit eased to a year's low of $17.43 billion in the month due to receding imports. Imports declined for a third month on the trot in February at $51.31 billion, down by 8.21 per cent compared to $55.9 billion a year ago.

As per the data, merchandise exports for the period April-February 2022-23 were $405.94 billion as against $377.43 billion during the period April-February 2021-22. Merchandise imports for the period April-February 2022-23 were $653.47 billion as against $549.96 billion during the period April-February 2021-22. The merchandise trade deficit for April-February 2022-23 was estimated at $247.52 billion as against $172.53 billion in April-February 2021-22.

The data further showed that non-petroleum and non-gems & jewellery exports in February 2023 were $25.36 billion, compared to $27.09 billion in February 2022. Non-petroleum and non-gems & jewellery exports during April-February 2022-23 were $284.52 billion, as compared to $284.45 billion in April-February 2021-22. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in February 2023 were $31.05 billion, compared to $31.68 billion in February 2022. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $395.37 billion in April-February 2022-23 as compared to $333.44 billion in April-February 2021-22.