India’s exports of products decreased 8.8 per cent to $33.88 billion in February, while imports decreased 8.2 per cent to $51.31 billion, data available from the Ministry of Commerce showed.

This is the second time in three months that exports of goods have decreased, but the decline in February was more severe than the 3 per cent decline observed in December 2022.

The January projection of a 6.6% decline in exports to $32.91 billion has been revised upward to $35.76 billion, representing a 1.5% further decline  from January 2022 levels.

Import figures for January have been revised up from $50.66 billion to $52.33 billion, a decrease of 0.45% from the same month last year. 

The merchandise trade deficit for February as a resut is $17.43 billion, an increase from January’s deficit of $16.5 billion. 

India’s overall exports of goods for the first eleven months of 2022-23 are $405.94 billion, up 7.5 per cent from the same period in 2021-22. Imports have increased by 18.82 per cent over the past year, from $550 billion to $653.47 billion.

As a result, India’s goods trade deficit for this year is now 43.5% greater than the deficit for the first eleven months of 2021-22, at $247.53 billion.