India's imports and exports dip over 8% each in February

  • 16-Mar-2023
  • India's imports and exports dip over 8% each in February

According to government data released on Wednesday, India's merchandise imports and exports fell by more than 8% year on year in February.  India's exports have now fallen for the third month in a row, reflecting sluggish manufacturing activity.

According to export import data, India's merchandise trade imbalance in February was $17.43 billion, marginally lower than the $17.75 billion reported the previous month and less than the $19 billion projected in a Reuter poll.

Exports dipped down to USD 33.88 billion in February 2023 from USD 37.15 billion in the same month a year ago while imports were down to USD 51.31 bn as against USD 55.9 bn in the same month the previous year. Know about HS Codes

In the April-February period, India's merchandise exports increased by 7.55 percent to USD 405.94 billion, while imports increased by 18.82 percent to USD 653.47 billion.

The results are quite optimistic, and we have been able to maintain the momentum," said the commerce secretary. Based on the trend, we believe we will exceed the FY23 target.

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