New Delhi: Exports of goods grew by 19.76 per cent to $ 42.22 billion in March 2022 on the back of good performance in sectors like petroleum products, engineering and leather. However, the trade deficit widened further to $ 18.51 billion during the period. This information is given in the data of the Ministry of Commerce released on Wednesday.
The country exported a total of $ 35.26 billion in March 2021. According to the data, imports rose 24.21 per cent to 60 60.74 billion last month. The trade deficit widened to $ 18.51 billion in the month under review. It was $ 13.64 billion in March 2021.
In FY2021-22, total exports rose to a record high of $ 419.65 billion, while imports rose to $ 611.89 billion. This gap between imports and exports led to a trade deficit of $ 192.24 billion. The trade deficit in 2020-21 was $ 102.63 billion. India’s monthly commodity exports have crossed $ 40 billion for the first time. It rose to $ 42 billion in March 2022.
According to the data, the estimated value of services exports in March 2022 increased by 4.64% to $ 21.76 billion. Services imports rose 7.33 percent to $ 13.16 billion last month. “The estimated value of exports of services in April-March 2021-22 is $ 249.24 billion, up 20.94 per cent from $ 206.09 billion in April-March, 2020-21,” the ministry said in a statement.
Imports were estimated at $ 144.79 billion in the last financial year, up 23.20 per cent from $ 117.52 billion in April-March 2020-21. The service trade balance was also projected at $ 104.45 billion in the last financial year, up 17.94 per cent from $ 88.57 billion in 2020-21.