According to Reuters article published on March 15, 2023, India's merchandise and services exports rose in February despite global headwinds, according to data released by the government on Wednesday, helped by petroleum, electronics and pharmaceutical products.
India's merchandise trade deficit in February stood at $17.43 billion, its lowest in over a year. That was below the $17.75 billion recorded in the previous month, as well as the $19 billion forecast in a Reuters poll.
February merchandise exports were $33.88 billion, up from $32.91 billion in January, while imports rose to $51.31 billion from $50.66 billion, data showed.
India's Satya Srinivas, additional secretary at the trade ministry, said export growth was driven by petroleum products, electronic goods, chemicals and pharmaceutical products.
India's April-February merchandise exports were up 7.55% year-on-year to $405.94 billion, while goods imports during the same period were up 18.82% to $653.47 billion, the data showed.
The country's services exports in February were $29.15 billion, while services imports were $14.55 billion during the month, according to the government's preliminary estimate. Services exports in January were $28.04 billion, while imports were $14.23 billion.
India's merchandise and services exports were up over 16% on year to $702.88 billion in April-February period, while imports were up 20% to $817.46 billion during the period.
