Exports reached 11 months high

India Export Data: On one hand, the economy of a big and developed country like China is slowing down. On the other hand, India’s exports are increasing. According to government data, the country’s exports increased by 11.9 percent to US $ 41.4 billion in February, which is the highest monthly figure in the current financial year. According to Commerce Ministry data, there was good demand abroad mainly for engineering goods, electronic goods and pharmaceutical products in February. However, due to significant increase in gold imports, the trade deficit in February stood at US $ 18.7 billion, which was US $ 16.57 billion in the same month a year ago. Goods worth US $ 60.1 billion were imported last month, which is 12.16 percent more than US $ 53.58 billion in February 2023. According to Commerce Ministry data, gold imports increased by 133.82 percent to US $ 6.15 billion in February, which was US $ 2.63 billion in the same period a year ago.

Also Read: You will get money from PF to build a house, know the limit and process

Gold worth 44 billion US dollars was imported

Gold import during April-February in the current financial year stood at US $ 44 billion, which is 38.76 percent more than the same period of the last financial year. Commerce Secretary Sunil Barthwal told reporters on these figures that the growth in exports during February is more than any other month of the current financial year. He said that despite many difficulties like Russia-Ukraine war and recession in some countries, exports in February were more than expected. He said that if you look at the 11 months of the current financial year, this is the highest export growth. This is the case with objects as a whole. It is a matter of great pleasure. He expressed confidence that the total exports in the current financial year (2023-24) will exceed last year’s record exports.

Export of electronic goods increased by 54.81 percent

Engineering goods, electronic goods, organic and inorganic chemicals, medicines and petroleum products contributed significantly to the increase in export of goods in February. In February, exports of engineering goods increased by 15.9 percent on an annual basis to US $ 9.94 billion. During this period, export of electronic goods increased by 54.81 percent to the level of three billion US dollars. In the month under review, exports of organic and inorganic chemicals increased by 33.04 percent to $2.95 billion. In February, export of pharmaceutical products increased by 22.24 percent and export of petroleum products increased by 5.08 percent. India’s total exports (including goods and services) in the first 11 months of the current financial year i.e. April-February 2023-24 are estimated to be $ 709.81 billion, which is 0.83 percent more than the same period of the last financial year.
,language input,