India’s merchandise exports soared to USD 41.40 billion in February 2024, an increase of 11.86 per cent over USD 37.01 billion in the same month last year, mainly on good performance by the engineering and electronic goods and petroleum products among others.
This is highest monthly merchandise exports, in the current fiscal 2023-24 so far, recorded in February 2024, an official statement by the Ministry of Commerce and Industry said.
Main drivers of merchandise export growth in February 2024 include Engineering Goods, Electronic Goods, Organic & Inorganic Chemicals, Drugs & Pharmaceuticals and Petroleum Products. Engineering Goods exports in February 2024 recorded an increase of 15.9 per cent at USD 9.94 Billion over USD 8.58 Billion in February 2023.
India’s overall exports (Merchandise and Services combined) in February 2024 is estimated to be USD 73.55 Billion, exhibiting a positive growth of 14.20 per cent over February 2023.
Overall imports in February 2024 is estimated to be USD 75.50 Billion, exhibiting a positive growth of 10.13 per cent over February 2023, indicating an uptick in the overall economic activity.
India’s trade deficit has shown considerable improvement in April-February 2023-24. Overall trade deficit for April-February 2023-24 is estimated at USD 72.24 Billion as compared to the deficit of USD 116.13 Billion during April-February 2022-23, registering an improvement of 37.80 percent.
The merchandise trade deficit during April-February 2023-24 is USD 225.20 Billion compared to USD 245.94 Billion during April-February 2022-23, registering a decline of 8.43 percent.
In the Service sector, the estimated value of services export for February 2024 is USD 32.15 Billion, as compared to USD 27.40 Billion in February 2023. While the estimated value of services import for February 2024 is USD 15.39 Billion as compared to USD 14.97 Billion in February 2023. Actual data of services is available till January 2024, it is estimation for the month of February.
During April-February period of 2023-24 the estimated value of services export is USD 314.82 Billion as compared to USD 294.89 Billion in April-February 2022-23, the ministry said adding the estimated value of services imports for April-February 2023-24 is USD 161.86 Billion as compared to USD 165.09 Billion in April-February 2022-23.
The services trade surplus for April-February 2023-24 is estimated at USD 152.96 Billion as against USD 129.80 Billion in April-February 2022-23.
Exports of Organic and Inorganic Chemicals increased by 33.04 per cent from USD 2.22 Billion in February 2023 to USD 2.95 Billion in February 2024, the ministry said, adding exports of Drugs and Pharmaceutical Products in February 2024 stood at USD 2.51 Billion, an increase of 22.24 per cent over USD 2.06 Billion in February 2023.
Petroleum Products exports in February 2024 registered a growth of 5.08 per cent at USD 8.24 Billion from USD 7.84 Billion in February 2023.
For the month of February 2024, under merchandise exports, 22 of the 30 key sectors exhibited positive growth in February 2024 as compared to same period last year (February 2023).
These include Handicrafts Excl. Hand Made Carpet, Tobacco, Electronic Goods, Coffee, Tea, Meat, Dairy & Poultry Products, Oil Seeds, Organic & Inorganic Chemicals, Iron Ore, Drugs & Pharmaceuticals, Plastic & Linoleum, Cereal Preparations & Miscellaneous Processed Items, Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc, Engineering Goods, Spices, Carpet, Fruits & Vegetables, Ceramic Products & Glassware, Man-Made Yarn/Fabs./Made-Ups Etc., Petroleum Products, All Textiles and Rice.