Merchandise Exports at $41.40 bn in Feb, highest in FY 2023-24
New Delhi: India’s merchandise exports soared to USD 41.40 billion in February 2024, an increase of 11.86 per cent over USD 37.01 billion in the same month last year, mainly on good performance by the engineering and electronic goods and petroleum products among others.
This is highest monthly merchandise exports, in the current fiscal 2023-24 so far, recorded in February 2024, an official statement by the Ministry of Commerce and Industry said.
Main drivers of merchandise export growth in February 2024 include Engineering Goods, Electronic Goods, Organic & Inorganic Chemicals, Drugs & Pharmaceuticals and Petroleum Products. Engineering Goods exports in February 2024 recorded an increase of 15.9 per cent at USD 9.94 Billion over USD 8.58 Billion in February 2023.
India’s overall exports (Merchandise and Services combined) in February 2024 is estimated to be USD 73.55 Billion, exhibiting a positive growth of 14.20 per cent over February 2023.
Overall imports in February 2024 is estimated to be USD 75.50 Billion, exhibiting a positive growth of 10.13 per cent over February 2023, indicating an uptick in the overall economic activity.
India’s trade deficit has shown considerable improvement in April-February 2023-24. Overall trade deficit for April-February 2023-24 is estimated at USD 72.24 Billion as compared to the deficit of USD 116.13 Billion during April-February 2022-23, registering an improvement of 37.80 percent.
The merchandise trade deficit during April-February 2023-24 is USD 225.20 Billion compared to USD 245.94 Billion during April-February 2022-23, registering a decline of 8.43 percent.