February Trade Deficit Contracts To $12 Billion; Exports Grow 4.5%

The trade deficit for February month contracted to $12 billion as against $16.3 billion in the previous month.

Imports also registered an increase of 10.4% and stood at $37.8 billion. At the same time, exports also rose higher by 4.5% to $25.8 billion.

Imports for the April-February period also recorded a jump of 21% to $416.87 billion in comparison to the corresponding period a year ago.

The data from the commerce ministry attributed rise in imports to higher crude oil prices. Oil import during the month recorded a sharp rise of 32%.

Total exports for the April-February period stood at $273.73 billion, a rise of 11% on a year-on-year basis.

Some of the sectors showing healthy growth in exports include petroleum products, chemicals, merchandise and engineering goods.

In January trade deficit logged a 56-month high figure on the back of increase in import of chemicals, petroleum, machine tools, silver etc.

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