Exports declined 0.25% to $ 27.67 billion in February

According to provisional figures released by the Ministry of Commerce on March 2, India’s exports declined marginally by 0.25% to $ 27.67 billion in February, while imports increased 6.98% to $ 40.55 billion during the month.

The ministry said in a statement that the trade deficit widened to $ 12.88 billion in February from $ 10.16 billion in the year-ago period.

Exports during the period April-February 2020-21 stood at $ 255.92 billion. It stood at $ 291.87 billion, showing a negative growth of 12.32% in the year-ago period.

Imports declined 23% to $ 340.88 billion in the April-February period.

Oil imports declined 16.63% to $ $ 8.99 billion in February. It declined by 40.18% to $ 72.08 billion in the 11-month period of the current financial year.

Major items of exports recorded positive growth in February, including oil meal, iron ore, rice, meat, dairy and poultry products, carpets, spices, pharmaceuticals and chemicals.

Many export items registered negative growth during the same period. They are petroleum products (-27.13%), leather (-21.62%), cashews (-18.6%), gems and jewelery (-11.18%), engineering goods (-2.56%), tea (-2.49%) and coffee (- 0.73%).