February Records Highest Monthly Exports In FY 23-24

New Delhi, Mar 16 (KNN) India achieved a significant milestone in February during the fiscal year 2023-2024, marking the highest monthly exports to date.

With a remarkable growth rate of 11.9 per cent, exports soared to USD 41.4 billion, primarily propelled by increased shipments of engineering goods, electronic items, and pharmaceutical products.

However, amidst this growth, the trade deficit expanded to USD 18.7 billion from USD 16.57 billion in the corresponding period last year, largely due to a substantial surge in gold imports.

Merchandise imports rose to USD 60.11 billion, marking a 12.16 per cent increase compared to February 2023, with gold imports escalating by 133.82 per cent to USD 6.15 billion during the month.

Despite facing challenges such as the ongoing Russia-Ukraine conflict and economic downturns in certain regions, India's exports exceeded expectations, as highlighted by Commerce Secretary Sunil Barthwal.

He expressed optimism, noting that the 11-month period of the fiscal year has witnessed the highest export growth in both merchandise and overall exports, indicating a promising trend.

BarthwAL emphasised, “If you look at the 11 months period of the financial year this is the highest export growth which we have achieved, both merchandise as well as overall. This is very heartening.”

Furthermore, Barthwal indicated that India is on track to surpass last year's record exports, showcasing a positive trajectory in trade performance.

Key drivers of merchandise export growth in February included engineering goods, electronic goods, organic and inorganic chemicals, pharmaceuticals, and petroleum products.

Specifically, engineering goods exports rose by 15.9 per cent to USD 9.94 billion, while electronic goods shipments surged by 54.81 per cent to USD 3 billion compared to February 2023.

Additionally, exports of organic and inorganic chemicals increased by 33.04 per cent to USD 2.95 billion during the month.

Overall, India's combined exports of merchandise and services in February 2024 are estimated at USD 73.55 billion, reflecting a robust growth rate of 14.2 per cent compared to February 2023.

(KNN Bureau)