India’s exports dipped in February by 8.8 per cent to USD 33.88 billion against USD 37.15 billion in the same month last year, according to the data released by the commerce ministry on Wednesday.
This is the third consecutive month of decline. Accordingly, India’s imports also declined by 8.21 per cent to USD 51.31 billion as against USD 55.9 billion recorded in the corresponding month last year.
The country’s trade deficit narrowed to USD 17.43 billion in February. During April-February this fiscal, however, the country’s overall merchandise exports rose by 7.5 per cent to USD 405.94 billion.
Imports during the period increased by 18.82 per cent to USD 653.47 billion.
Commerce Secretary Sunil Bartwal said that he is confident that the government will be able to surpass the target export figures of USD 750 billion.
Secretary said that despite global headwinds, the service sector exports is doing good.
“Electronic sector is doing very well, specially mobile export is doing very well. The exports and the trade data is encouraging,” the secretary said.