In March 2022, India’s exports increased 19.76% to US$ 42.22 billion, thanks to strong growth in sectors like petroleum products, engineering, and leather, while imports increased by 24.21% to US$ 60.74 billion, meaning the trade deficit during the month widened to US$ 18.51 billion. This was the first time that India’s monthly merchandise exports exceeded US$ 40 billion.
The expected value of services export grew 4.64% to US$ 21.76 billion in March 2022, while services imports increased by 7.33% to US$ 13.16 billion. The services trade balance for FY22 was estimated at US$ 104.45 billion, up 17.94% from US$ 88.57 billion in FY21.
While total exports hit a new high of US$ 419.65 billion in 2021-22, imports also hit a new high of US$ 611.89 billion, resulting in a US$ 192.24 billion trade deficit. In 2020-21, the trade deficit stood at US$ 102.63 billion.
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