Continuing the surge in exports, India's merchandise shipments in February 2022 of USD 33.81 billion registered an increase of 22.36 per cent over USD 27.63 billion of exports in February 2021 and an increase of 21.88 per cent over USD 27.74 billion in February 2020.
Merchandise import in February 2022 was USD 55.01 billion, an increase of 34.99 per cent over USD 40.75 billion in February 2021 and an increase of 45.12 per cent over USD 37.90 billion in February 2020. The trade deficit in February 2022 was USD 21.19 billion, while it was USD 176.07 billion during April-February FY 2022, as per the preliminary trade data from the Ministry of Commerce and Industry released on Wednesday.
According to Aditi Nayar, Chief Economist, ICRA, a rebound in oil and gold demand amid the waning of the third wave, along with rising global commodity prices fanned by escalating geo-political tensions, boosted imports and bloated the merchandise trade deficit above USD 21 billion in February 2022.
India's merchandise export in April-February FY 2022 was USD 374.05 billion, an increase of 45.80 per cent over USD 256.55 billion in the same April-February period of FY 2021 and an increase of 28.16 per cent over USD 291.87 billion in April-February of FY 2020.
Merchandise import in the April-February FY 2022 was USD 550.12 billion, an increase of 59.21 per cent over USD 345.54 billion in the corresponding period of FY 2021 and an increase of 24.11 per cent over USD 443.24 billion in April-February of FY 2020.
Value of non-petroleum exports in February 2022 was USD 29.70 billion, registering a positive growth of 18.04 per cent over non-petroleum exports of USD 25.16 billion in February 2021 and a positive growth of 22.23 per cent over non-petroleum exports of USD 24.30 billion in February 2020.
Value of non-petroleum imports was USD 39.96 billion in February 2022 with a positive growth of 26.0 per cent over non-petroleum imports of USD 31.72 billion in February 2021 and a positive growth of 47.33 per cent over non-petroleum imports of USD 27.12 billion in February 2020.
On a cumulative basis, value of non-petroleum exports in April-February FY 2022 was USD 319.09 billion, an increase of 36.16 per cent over USD 234.36 billion in the same period of FY 21 and an increase of 26.07 per cent over USD 253.10 billion in April-February FY 2020.
The cumulative value of non-petroleum imports in April-February FY 2022 was USD 408.63 billion, showing an increase of 49.61 per cent compared to non-oil imports of USD 273.12 billion in the April-February FY 2021 and an increase of 26.61 Per cent compared to non-oil imports of USD 322.74 billion in April-February FY 2020.
The ICRA report notes that non-oil non-gold imports moderated on a sequential basis in the shorter month, even as the pace of YoY growth rose in February 2022 relative to January 2022. While gold imports remained lower than February 2021, they nearly doubled sequentially in February 2022, as restrictions eased in parts of the country.
( With inputs from ANI )
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