According to data released by the commerce ministry on Wednesday, India’s exports fell 8.8 percent in February to USD 33.88 billion, down from USD 37.15 billion in the same month last year. This is the third month of decline in a row. As a result, India’s imports fell 8.21% year on year to USD 51.31 billion, down from USD 55.9 billion in the same month last year.
In February, the country’s trade deficit shrank to USD 17.43 billion. However, between April and February of this fiscal year, the country’s total merchandise exports increased by 7.5% to USD 405.94 billion. Imports increased by 18.82 percent to USD 653.47 billion during the period.
Sunil Bartwal, Commerce Secretary, expressed confidence that the government will exceed the USD 750 billion export target. Despite global headwinds, the service sector’s exports are doing well, according to the Secretary.
“Electronic sector is doing very well, especially mobile export is doing very well. The exports and the trade data is encouraging,” the secretary said.
