New Delhi: On the back of a marginal increase of 2.44 per cent in exports and lower imports of gold and petroleum products the country’s trade deficit significantly narrowed to USD 9.6 billion in February, government data showed. Trade deficit (the gap between imports and exports) was USD 12.3 billion in February 2018, and USD 14.73 billion in January 2019.
India’s merchandise exports rose to USD 26.67 billion in February from USD 26.03 per cent in the year-ago month mainly on account of higher shipments in sectors such as pharmaceutical, engineering and electronics. Imports declined by 5.4 per cent to USD 36.26 billion in the last month, narrowing the trade deficit to USD 9.6 billion.
The import of gold fell by about 11 per cent to USD 2.58 billion in February as against USD 2.89 billion in the corresponding month last fiscal, inward shipments of petroleum products were down by nearly 8 per cent to USD 9.37 billion.
During the April-February period of the current fiscal year, exports grew 8.85 per cent to USD 298.47 billion, while imports rose by 9.75 per cent to USD 464 billion. The deficit has widened to USD 165.52 billion during the 11 months of the current fiscal from USD 148.55 billion compared to the year-ago period, the data said.
Non-petroleum and non-gems and jewellery exports in February 2019 stood at USD 19.87 billion, as compared to USD 18.90 billion in year-ago month. Non-petroleum and non-gems and jewellery exports in April-February 2018-19 were USD 217.43 billion, as against USD 201.95 billion in the comparative period last fiscal.
