According to Commerce Ministry estimates released on Wednesday, tentative global demand drove India's goods exports down 8.8% in February to $33.9 billion, while imports fell 8.2% year on year to $51.31 billion. This is the third contraction in merchandise exports in five months, following an 11.6% drop in October 2022 and a 3% drop in December 2022.
In February, the value of outbound shipments fell for as many as 16 of India's top 30 export items, with 14 of them experiencing double-digit declines. This included a 9.7% drop in engineering exports, which had previously been a pillar of India's exports.
In February 2023, the merchandise trade deficit decreased by 7% and amounted to $17.43 billion, which is slightly more than January's deficit of $16.56 billion - the lowest in a year and a half.
The combined deficit for the first two months of 2023 is significantly lower than the deficit for the whole of 2022, which reached a peak of $29.23 billion in September. This indicates a positive trend towards a reduction in the deficit.
While the government initially predicted a 6.6% drop in January exports, the figure has now been revised upward by around $2.8 billion to $35.76 billion, representing a 1.5% increase over January 2022 levels.
Exports in February 2023 were 5.25% lower than in January 2023.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.