Exports up 22.36% to $33.81 billion in February; trade deficit widens to $21.19 billion

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Imports during the 11-month period rose by 59.21 percent to $550.12 billion. Trade deficit during this period widened to $176.07 billion as against $88.99 billion during April-February 2020-21.

According to the data, gold imports in February dipped by 11.45 percent to $4.68 billion. Imports of electronic goods rose by about 29 percent to $6.24 billion.

Exports of engineering goods, petroleum and chemicals in February increased by 31.34 percent, 66.29 percent and 24.74 percent to $9.27 billion, $4.1 billion and $2.4 billion, respectively. Pharmaceutical exports, however, slipped by 3.13 percent to $1.9 billion in February.

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Commenting on the figures, the Federation of Indian Export Organisations (FIEO) said though the government has announced a slew of measures to support exports, the need of the hour is to soon announce an extension of the interest equalisation scheme and allow transfer of MEIS (Merchandise Export from India Scheme) and increase the validity of scrips to 24 months.

"Export growth in February has once again showcased the continued resilience of India's exports sector," FIEO President A Sakthivel said.