28 C
Tuesday, April 23, 2024

In February, the trade imbalance grew to USD 18.71 billion as both imports and exports increased

<p>According to current government figures, India’s trade imbalance climbed to $18.71 billion in February from $17.49 billion in January as a result of imports surpassing exports during the red sea crisis.</p>
<p><img decoding=”async” class=”alignnone wp-image-516142″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-in-february-the-trade-imbalance-grew-to-usd-18-71-billion-as-both-imports-and-expo-750×617.jpg” alt=”theindiaprint.com in february the trade imbalance grew to usd 18 71 billion as both imports and expo” width=”996″ height=”820″ title=”In February, the trade imbalance grew to USD 18.71 billion as both imports and exports increased 18″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-in-february-the-trade-imbalance-grew-to-usd-18-71-billion-as-both-imports-and-expo-750×617.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-in-february-the-trade-imbalance-grew-to-usd-18-71-billion-as-both-imports-and-expo-1024×842.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-in-february-the-trade-imbalance-grew-to-usd-18-71-billion-as-both-imports-and-expo-768×632.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-in-february-the-trade-imbalance-grew-to-usd-18-71-billion-as-both-imports-and-expo.jpg 1200w” sizes=”(max-width: 996px) 100vw, 996px” /></p>
<p>While exports rose to $41.40 billion from $36.92 billion in January, goods imports jumped to $60.11 billion in February from $54.41 billion in January. The commerce ministry said that goods exports increased by 11.86% to $37.01 billion in February 2023, while imports increased by 12%.</p>
<p>Commerce Secretary Sunil Barthwal blamed the Red Sea battle for the modest increase in exports, saying that export figures may have varied significantly in the absence of Suez Canal interruptions. Furthermore, in February, service imports dropped to $15.39 billion from $16.05 billion, while service exports were unchanged at $32.15 billion from $32.80 billion a year earlier.</p>
<p>February saw a 3.45% decline in product exports and a 5.32% decline in imports during the current fiscal year, which runs from April to February. Over the same time, services imports fell by 1.95% while services exports increased by 6.76%.</p>
<p>According to Barthwal, in the last 11 months of the current fiscal year, India has had the greatest rise in exports of both goods and services. “Our numbers from last year have been exceeded. This gives us great optimism that by the end of March, our total exports will surpass the record exports of the previous year. The pattern persists in spite of several obstacles, according to Barthwal.</p>
<p>Barthwal was upbeat about the next fiscal year, noting the export industry’s resiliency and its capacity to weather a difficult time. He predicts a bright future for 2024–2025, implying that the challenging year is behind us and that it will be a robust year.</p>

Related Articles

- Advertisement -
- Advertisement -
- Advertisement -
error: Content is protected !!