Imports rose 6.96% to $ 40.54 billion in the month.
According to official figures, the country’s exports increased by 0.67% to $ 27.93 billion in February, while the trade deficit widened to $ 12.62 billion in February, increasing for the third consecutive month.
Imports rose 6.96% to $ 40.54 billion in the month. The trade deficit in February 2020 was $ 10.16 billion.
Exports declined by 12.23% to $ 256.18 billion during the period April – February 2020–21, compared to $ 291.87 billion in the year-ago period. Imports fell 23.11% to $ 340.8 billion in April-February.
Oil imports declined 16.63% to $ 8.99 billion in February, while shipments declined 40.18% to $ 72.08 billion in April-February. In February, gold imports increased from $ 2.36 billion to $ 5.3 billion.
The sectors that recorded positive export growth during February include oilseeds, iron ore, rice (30.78%), carpets (19.46%), spices (18.61%), pharmaceuticals (14.74%), tobacco (7.71%), and chemicals (1.2 %) Are included. .
Sectors reporting negative growth include oilseeds, leather, petroleum products, cashew, gems and jewelery, all textiles, tea, engineering goods, coffee and marine products RMG (ready-made garments).
Commenting on the figures, Federation of Indian Export Organization (FIEO) President Sharad Kumar Saraf pointed out that the slight increase in exports was mainly due to container shortages across the country, which in the last week of the month due to rising COVID There was limited supply – 19 cases in some states.
Increased exports from China have led to a shortage of containers in the region as most empty containers are only available for export from China, as shipping lines and container companies are being paid a heavy premium to return empty containers to China, They said. .
He asked that the government should take note of some of the key issues, including timely announcement of the new foreign trade policy, adequate availability of containers, release of funds required for RoDTEP and softening of freight charges.
ICTI Ltd principal economist Aditi Nair said that although a favorable base effect would drive growth of both imports and exports in March 2021, “we expect the trade deficit to increase to $ 13.5- $ 14 billion in the current month”.
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