India's trade deficit increases to $18.71 billion in February, imports rise 12% YoY
India's current economic boom similar to that of 2003-07? Morgan Stanley thinks so, lists 5 parallel trends India's merchandise exports soared to $41.40 billion in February, marking the highest figure in 11 months. The last time exports reached such levels was in March 2023, when they stood at $41.96 billion. Concurrently, imports also surged to a four-month peak.
In terms of year-on-year growth, February's export expansion represents the most significant increase since June 2022, posting a remarkable 30.1 percent rise. Similarly, import growth in February, registering at 12.2 percent, marks the highest since September 2022's 12.6 percent surge. "Despite the Ukraine war, Suez Canal, tight monetary policies in western world and fall in commodity prices, February trade data has surpassed all our expectations, with highest export growth achieved in both goods and services in the last 11 months.
When we close 2023-24, (we) expect overall exports to be higher than last fiscal's record export figures," Commerce Secretary Sunil Barthwal was quoted as saying. Also read: Fuel price cut by ₹2/litre on March 15: Petrol now ₹94.72/litre in Delhi, diesel at ₹87.62/litre. Check your city During the fiscal year 2022-23, India's merchandise exports reached $451.07 billion, with services exports standing at $325.33 billion.
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