Exports surge 11.9% to 11-month high

New Delhi: India recorded the highest monthly exports during the fiscal in February, registering an 11.9 per cent growth to $41.4 billion, mainly driven by increased shipments of engineering goods, electronic items and pharma products. The trade deficit during February worked out to $18.7 billion, up from $16.57 billion in the year-ago month, as gold imports surged significantly. Merchandise imports were valued at $60.11 billion, up 12.16 per cent compared to $53.58 per cent in February 2023. Gold imports rose 133.82 per cent to $6.15 billion during February from $2.63 billion in the year-ago period, according to the commerce ministry data. During April-February, the gold imports stood at $44 billion, an increase of 38.76 per cent over the compared period during the last financial year.

Talking to reporters, Commerce Secretary Sunil Barthwal said that despite several difficulties, like the ongoing Russia-Ukraine war and recession in certain countries, the February exports surpassed all expectations.