Exports Grew 25.1% To $ 34.57 Billion In February

Exports grew 25.1% to $ 34.57 billion in February, trade deficit also widened.

India’s exports grew by 25.1 percent to $34.57 billion in February, driven by good growth in sectors such as engineering, petroleum, and chemicals, according to data released by the commerce ministry.

At the same time, the trade deficit widened to $ 20.88 billion. The trade deficit (the difference between imports and exports) stood at USD 13.12 billion in February 2021.

Imports also rose 36 percent to $55.45 billion during the month, with inbound shipments of petroleum and crude rising 69 percent to $15.28 billion.

“The merchandise exports for the period April-February 2021-22 stood at USD 374.81 billion, which is a positive growth of 46.09 percent as against USD 256.55 billion during the period April-February 2020-21,” the ministry said.

Exports grew 25.1% to $ 34.57 billion: Imports rose 59.33 percent to $550.56 billion during the 11-month period.

The trade deficit widened to US$ 175.75 billion during the period, as against US$ 88.99 billion during April-February 2020-21.

According to the data, gold imports declined by 9.65 percent to $4.8 billion in February. Imports of electronic goods rose nearly 29.53 percent to $6.27 billion.

Exports of engineering goods, petroleum, and chemicals rose 32 percent, 88.14 percent, and 25.38 percent to $9.32 billion, $4.64 billion, and $2.4 billion, respectively, in February.

However, pharmaceutical exports declined by 1.78 percent to $1.96 billion in February.

Wholesale inflation rises to 13.11 percent: Increase in the prices of commodities etc.

According to government data released on Monday, wholesale price-based inflation rose to 13.11 percent in February on firmness in crude and non-food articles, despite moderation in food articles.

At the same time, the inflation rate of vegetables was 26.93 percent in February, which was 38.45 percent in the previous month.

The Ministry of Commerce and Industry said, “Higher rate of inflation in February 2022 as compared to the month of February last year.”

“This is mainly due to consumption of mineral oils, base metals, chemicals, and chemical products, crude petroleum and natural gas, food items, and non-food items.”