Indian Exports Decline 8.8 Per Cent To $33.88 Billion In February

India's trade deficit narrowed to $17.43 billion in February. During April-February this fiscal year, however, the country's overall merchandise exports rose by 7.5 per cent to $405.94 billion

India's exports declined in February for the third consecutive month by 8.8 per cent to $33.88 billion against $37.15 billion in the same month last year, according to the data released by the commerce ministry on Wednesday. Imports also declined by 8.21 per cent to $51.31 billion as against $55.9 billion recorded in the corresponding month last year.

According to the data by the government, the country's trade deficit narrowed to $17.43 billion in February. During April-February this fiscal year, however, the country's overall merchandise exports rose by 7.5 per cent to $405.94 billion.

Imports during the period increased by 18.82 per cent to $653.47 billion. The numbers are also marginally lower as compared to the preceding month, as the trade deficit stood at $17.76 billion in January 2023.

The value of imports in February amounted to $51.31 billion, which was lower as compared to $55.90 billion in the year-ago period. However, the imports were higher as compared to January, when it stood at $50.66 billion.

Merchandise exports contracted in February to $33.88 billion, as against $37.15 billion in the year-ago period. A marginal increase was recorded as compared to the preceding month, when it stood at $32.91 billion.

Exports in the service category jumped nearly 37 per cent year-on-year (YoY) to $36.85 billion, whereas, the imports rose by 12 per cent to $14.55 billion.

Meanwhile, India has exported wheat worth Rs 11,728.36 crore during the April-January period of this fiscal year, the government said on Tuesday.

In May last year, the government had banned exports of wheat to boost domestic availability and control prices In a written reply to Lok Sabha, Union Agriculture Minister Narendra Singh Tomar said, "At present, there is no proposal for lifting restriction on export of wheat before the Department of Agriculture and Farmers Welfare". "During the current fiscal year (up to January 2023), Rs 11,728.36 crore worth of wheat has been exported," he added.

Although the export was banned, the government had said wheat export will be allowed in case of shipments where the Irrevocable Letter Of Credit (ILOC) has been issued on or before May 13.