India’s overall exports (merchandise and services combined) in February 2024 are estimated to reach $73.55 billion, exhibiting a positive growth of 14.20 per cent over the exports of February 2023. Overall imports in the second month of the current year are estimated at $75.50 billion, exhibiting a positive growth of 10.13 per cent over February 2023.
The overall trade deficit improved by 37.80 per cent to $72.24 billion in April-February 2023-24. The trade deficit was recorded at $116.13 billion in April-February 2022-23. The merchandise trade deficit improved by 8.43 per cent from $245.94 billion in April-February 2022-23 to $225.20 billion in April-February 2023-24.
India’s monthly merchandise exports in February 2024 reached the highest level in the current fiscal year 2023-24. India’s merchandise exports in the month under review were noted at $41.40 billion, with an increase of 11.86 per cent over $37.01 billion in February 2023. The 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 to reach $9.94 billion over $8.58 billion in the same month of the last year.
The exports of electronic goods registered an increase of 54.81 per cent to $3 billion in February 2024 against $1.94 billion in February 2023. The shipment of organic and inorganic chemicals increased by 33.04 per cent from $2.22 billion in February 2023 to $2.95 billion in February 2024. Petroleum products exports in February 2024 registered a growth of 5.08 per cent to $8.24 billion from $7.84 billion in February 2023.