India’s exports went up 22. 4% to $33. 8 billion in February, while a faster rise in imports resulted in a widening of the trade deficit.
Latest data released by the commerce department pegged imports at $55 billion in February, 35% higher than the corresponding period last year, on account of higher oil and gold prices. As a result, the trade deficit was estimated at $21. 2 billion in February compared with $13. 1 billion a year ago.
The numbers mean that India’s exports during April-February were nearly 46% higher at Rs 374 billion, against a target of $400 billion for the current financial year.
“With monthly exports crossing the $30-billion mark for the 11th consecutive time during the fiscal, we are on course to cross the $400-billion exports target for the fiscal,” said A Sakthivel, president of industry lobby group FIEO.
Higher commodity prices are seen to be one of the reasons for the growth along with higher demand for several products.
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