Export – Import Data: Goods and services exports hit 11-month high in February, trade deficit at $18.71 billion

Export – Import Data: Goods and services exports hit 11-month high in February, trade deficit at $18.71 billion

Export – Import Trade Data Update:India's Exports in February 2024  It has reached a high of 11 months. Despite the ongoing war between Russia – Ukraine, attacks by Houthi rebels in the Red Sea and strict monetary policies in Western countries, trade data estimates in February 2024 Has been more than. 

Commerce Ministry has released trade data. In February 2024, India's merchandise exports have increased by 11.9 percent to reach $ 41.40 billion, while imports have stood at $ 60.11 billion. Merchandise trade deficit in the month of February was 18.71 billion dollars which was 17.49 billion dollars in January. India's merchandise export in January 2024 was $36.92 billion while import was $54.41 billion. 

In February 2024, services exports were $32.35 billion while imports were $15.39 billion. Whereas in January, services export was 32.80 billion dollars while import was 16.05 billion dollars. In the financial year 2022-23, India's merchandise export has been $ 451.07 billion, while services export has been $ 325.33 billion. Adding both, the total exports were $776.40 billion, which was 14.8 percent more than 2021-22. India's trade deficit in the first 11 months of 2023-24 has been $225.20 billion, which is less than $245.94 billion in the first 11 months of 2022-23. Commerce Secretary said that India's exports in 2023-24 will be higher than previous years. 

Giving information about trade data, Commerce Secretary Sunil Barthwal said that when the financial year 2023-24 ends, we hope that India's total exports are going to be higher than the export figures of the last financial year. He said that due to the boom in the export sector, we have been able to deal with the difficult year of 2023. He said that even in WTO we have been successful in protecting India's interests. 

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