India’s foreign trade is showing a sharp recovery. As per the communiqué by the Ministry of Commerce & Industry the exports as well imports in services, as well as merchandise, are showing an upward trend.
According to the figures released by the Ministry of Commerce & Industry India’s exports, Merchandise and Services combined in February 2022 are estimated to be USD 57.03 Billion, exhibiting a positive growth of 25.41 per cent over the same period last year and a positive growth of 27.07 per cent over February 2020.
The ministry figures also reveal that along with exports India’s imports have also shot up with overall imports in February 2022 are estimated to be USD 69.35 Billion, exhibiting a positive growth of 35.64 per cent over the same period last year.
“India’s overall exports (Merchandise and Services combined) in April-February 2021-22 are estimated to be USD 601.77 Billion, posting a positive growth of 36.19 per cent over the same period last year. Overall imports in April-February 2021-22 are estimated to be USD 683.01 Billion, exhibiting a positive growth of 51.51 per cent over the same period last year,” Ministry noted.
The export of Merchandise has led to the overall recovery of exports in a big way. Merchandise exports in February 2022 were USD 34.57 Billion, as compared to USD 27.63 Billion in February 2021, exhibiting a positive growth of 25.10 per cent. Merchandise imports in the same period were USD 55.45 Billion, which is an increase of 36.07 per cent over imports of USD 40.75 Billion in February 2021.
However, the balance of trade remains negative as the imports have also surged. The merchandise trade balance for February 2022 was negative. It was estimated at USD 20.88 Billion as against USD 13.12 Billion in February 2021, which is a decline of 59.18 per cent.
The rise in exports is seen in all the sectors including non-petroleum and non-gems and jewellery goods.
Non-petroleum and non-gems & jewellery exports in February 2022 were USD 26.75 Billion, registering a positive growth of 19.01 per cent over non-petroleum. The non-gems & jewellery exports were at USD 22.48 Billion in February 2021 and positive growth of 25.72 per cent over non-petroleum and non-gems & jewellery exports of USD 21.28 Billion in February 2020.
“Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 31.70 Billion in February 2022 with a positive growth of 32.04 per cent over Non-petroleum, non-gems & jewellery imports of USD 24.01 Billion in February 2021 and a positive growth of 42.72 per cent over Non-petroleum, non-gems & jewellery imports of USD 22.21 Billion in February 2020,” the ministry said in its note.