India’s exports fell 8.8% to $33.88 billion in February, trade deficit narrows


New Delhi, March 15 (IANS) India’s exports fell 8.8 percent to $33.88 billion in February 2023, from $37.15 billion in the same period last year.

However, the country’s trade deficit fell to $17.43 billion in February, according to data released by the Commerce Department.

This is the third month in a row that exports have fallen.

Imports also fell 8.21 percent to $51.31 billion, compared to $55.9 billion in the same month last year.

At the same time, the country’s total goods exports rose 7.5 percent to $405.94 billion during the April-February period of the current fiscal year (2022-23).

Imports during the April-February period of the current fiscal year also rose 18.82 percent to $653.47 billion, the official data revealed.

India has set a target of achieving $750 billion in exports by 2022-2023, which is 11 percent higher than the $676 billion exports recorded in 2021-22.

Significant growth in exports in 2022-23 so far has come from sales of petroleum products and electronic goods, official sources said.

Mobile exports are up 50 percent in the current fiscal year, reaching $8.3 billion at the end of January.



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