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NEW DELHI:
India’s exports rose by 22.36 per cent to $33.81 billion in February on account of wholesome development in sectors like engineering, petroleum and chemical compounds, even because the commerce deficit widened to $21.19 billion, based on preliminary information launched by the commerce ministry on Wednesday.Imports through the month too jumped by about 35 per cent to $55 billion, with inbound shipments of petroleum and crude oil surging 66.56 per cent to $15 billion.
The commerce deficit — the distinction between imports and exports — stood at $13.12 billion in February 2021.
“India’s merchandise export in April 2021-February 2022 was $374.05 billion, a rise of 45.80 per cent over $256.55 billion in April 2020-February 2021,” it stated.
Imports through the 11-month interval rose by 59.21 per cent to $550.12 billion.
Commerce deficit throughout this era widened to $176.07 billion as in opposition to $88.99 billion throughout April-February 2020-21.
In accordance with the information, gold imports in February dipped by 11.45 per cent to $4.68 billion.
Imports of digital items rose by about 29 per cent to $6.24 billion.
Exports of engineering items, petroleum and chemical compounds in February elevated by 31.34 per cent, 66.29 per cent and 24.74 per cent to $9.27 billion, $4.1 billion and $2.4 billion, respectively.
Pharmaceutical exports, nevertheless, slipped by 3.13 per cent to $1.9 billion in February.
Commenting on the figures, the Federation of Indian Export Organisations (FIEO) stated although the federal government has introduced a slew of measures to help exports, the necessity of the hour is to quickly announce an extension of the curiosity equalisation scheme and permit switch of MEIS (Merchandise Export from India Scheme), and enhance the validity of scrips to 24 months.
“Export development in February has as soon as once more showcased the continued resilience of India’s exports sector,” FIEO president A Sakthivel stated.
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