New Delhi: The country’s commodity exports grew by 19.76 percent to $42.22 billion in March 2022, driven by good performance in sectors such as petroleum products, engineering, and leather. However, the trade deficit widened further to $18.51 billion during this period. This information was given in the data of the Ministry of Commerce released on Wednesday.
In March 2021, a total of $ 35.26 billion was exported from the country. According to the data, last month’s imports increased by 24.21 percent to $ 60.74 billion. The trade deficit widened to $18.51 billion in the month under review. It was $13.64 billion in March 2021.
In the fiscal year 2021-22, total exports increased to a record high of $ 419.65 billion, while imports also increased to $ 611.89 billion. This gap between imports and exports resulted in a trade deficit of $192.24 billion. The trade deficit in 2020-21 was $102.63 billion. India’s monthly commodity exports crossed $40 billion for the first time. In March 2022, it rose to $42 billion.
According to the data, the estimated value of services exports grew by 4.64 percent to $21.76 billion in March 2022. Services imports rose 7.33 percent to $13.16 billion last month. “The estimated value of services exports in April-March 2021-22 is $249.24 billion, which is 20.94 percent higher as compared to $206.09 billion in April-March, 2020-21,” the ministry said.
Imports in the last financial year were estimated at $ 144.79 billion, which is 23.20 percent higher than $ 117.52 billion in April-March 2020-21. The services trade balance was also estimated at $104.45 billion in the last fiscal, up 17.94 percent from $88.57 billion in 2020-21.
