Trade deficit down 44% YoY in Apr-Feb FY21

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India's merchandise exports stood at $27.9 billion in February 2021, recording a growth of 0.7% (YoY). The merchandise imports grew by 7% (YoY) to $40.5 billion.

Merchandise exports, as well as imports, fell during April-February period of FY21. Exports declined from $291.9 billion in FY20 to $255.6 billion in FY21 and imports from $443.1 billion in FY20 to $339.7 billion in FY21.

Though both imports and exports have recorded negative growth, the de-growth in imports has been higher. As a result, the trade deficit has witnessed moderation during the year. Trade deficit for April-February 2020-21 period is estimated to be $84 billion, 44% lower than the corresponding period last year ($151 billion).

Engineering goods (26.3% share in total exports), petroleum products (8.8% ), gems and jewellery (8.7%), drugs & pharmaceuticals (8.6%), and organic and inorganic chemicals (share 7.8% ) were top five exports commodities in FY21.

Petroleum, crude & products (21.2% share in total imports), electronic goods (14.2%), machinery, electrical & nonelectrical (7.8%), gold (7.7%), organic & inorganic chemicals (5.2%) were top five import commodities in FY21.

SHIVANI SHARMA, MOHSIN SHAIKH