Prime minister Narendra Modi on Wednesday lauded farmers, weavers, micro small and medium enterprises (MSMEs), manufacturers, and exporters in helping India achieve the ambitious target of $400 billion of goods exports nine days ahead of schedule.
"India set an ambitious target of $400 billion of goods exports & achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success," Modi tweeted. "This is a key milestone in our Aatmanirbhar Bharat journey. #LocalGoesGlobal"
This comes as India's trade deficit widened in February due to an increase in imports. The country's trade deficit jumped to $20.88 billion in February from $17.42 billion in the preceding month, the Ministry of Commerce and Industry data showed last week.
While exports rose 25.1% year-on-year to $34.57 billion in February, imports rose 36.07% year-on-year to $55.45 billion.
As compared to February 2020, exports in February 2022 exhibited a positive growth of 24.60%. Imports in February 2022 registered a positive growth of 46.28% in comparison to February 2020.
Merchandise exports for the period April-February 2021-22 stood at $374.81 billion as against $256.55 billion during the period April-February 2020-21, registering a growth of 46.09%. As compared to April-February 2019-20, exports in April-February 2021-22 exhibited a positive growth of 28.42%.
Merchandise imports for the period April-February 2021-22 stood at $550.56 billion as against $345.54 billion during the period April-February 2020-21, registering a positive growth of 59.33%. Imports in April-February 2021-22 have registered a positive growth of 24.21% compared with April-February 2019-20.
The merchandise trade balance for April-February 2021-22 was estimated at $(-) 175.75 billion as against $(-) 88.99 billion in April-February 2020-21. As compared to April-February 2019-20 (USD (-) 151.37 billion), trade balance in April-February 2021-22 exhibited a negative growth of (-) 16.11%.
Non-petroleum and non-gems & jewellery exports in February were at $26.75 billion, a growth of 19.01% year-on-year. Non-petroleum, non-gems & jewellery- gold, silver and precious metals, imports stood at $31.70 billion, clocking a 32.04% growth year-on-year.
India’s overall exports -- merchandise and services combined -- in April-February 2021-22 are estimated to be $601.77 billion, exhibiting a positive growth of 36.19% over the same period last year and a growth of 23.44% over April-February 2019-20. Overall imports in April-February 2021-22 are estimated to be $683.01 billion, exhibiting a growth of 51.51% over the same period last year and a growth of 21.66% over April-February 2019-20.
