Exports fall 8.8%in Feb on demand slowdown

New Delhi:  Contracting for the third month in a row, India's exports declined by 8.8 per cent to $33.88 billion in February due to slowdown in global demand, even as the trade deficit touched about a year low of $17.43 billion during the month, according to official data released 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. Cumulatively, however, during April-February this fiscal, 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 merchandise trade deficit for the April-February this fiscal stood at about $247.53 billion. The country's exports had contracted by 6.58 per cent to $32.91 billion in December 2022. In February 2022, the trade deficit was $18.75 billion. Last time, it was in January 2022 when the trade deficit touched $17.42 billion.

Commerce secretary Sunil Barthwal said that going by the trend, India's goods and services exports will cross $750 billion in 2022-23. "We have kept the momentum despite the global headwinds. Exporters have kept the momentum. Services exports are doing extremely well. Trade deficit has really come down. Hopefully we will be doing better," Barthwal told reporters here. He added that the ministry has started exercise to fix the target for the next fiscal also.