The country’s exports grew by 2.44 per cent year-on-year to USD 26.67 billion in February on account of higher shipments in sectors such as pharmaceuticals, engineering and electronics, according to data from the commerce ministry.
Imports declined by 5.4 per cent to USD 36.26 billion in the last month, narrowing the trade deficit to USD 9.6 billion. The gap between imports and exports was USD 12.3 billion in February 2018. Gold imports also fell sharply by about 11 per cent to USD 2.58 billion in February as against USD 2.89 billion in the corresponding month last fiscal.
During the April-February period of the current fiscal year, exports grew 8.85 per cent to USD 298.47 billion, while imports rose by 9.75 per cent to USD 464 billion. The trade deficit has widened to USD 165.52 billion during the 11 months of the current fiscal from USD 148.55 billion compared to the year-ago period.