New Delhi, Mar 15 () India’s exports fell 8.8 percent in February 2023 to $33.88 billion as against $37.15 billion recorded in the corresponding period last year.
The country’s trade deficit, however, narrowed to $17.43 billion in February, according to data released by the Commerce Department.
This is the third month in a row that exports have declined.
Imports also fell 8.21 percent to $51.31 billion compared to $55.9 billion recorded in the same month last year.
However, at the same time, in the April-February period of the current financial year (2022-2023), the country’s total merchandise exports increased by 7.5 percent to $405.94 billion.
Imports in the April-February period of the current fiscal also rose 18.82 percent to $653.47 billion, official data revealed.
India has set a target of achieving exports of $750 billion in 2022-2023, which is 11 percent higher than the $676 billion exports recorded in 2021-22.
Significant export growth in 2022-23 so far has come from sales of petroleum products and electronic products, official sources said.
Mobile exports rose 50 percent in the current fiscal, reaching $8.3 billion by the end of January.
(This story was not edited by Kashmir Monitor staff and was automatically generated from a syndicated feed)