Exports up nearly 20% to $42 bn in March; trade deficit widens to $18.5 bn

The country's exports in March 2022 rose 19.76 per cent to $42.22 billion on account of healthy performance by sectors such as petroleum products, engineering, and leather, even as trade deficit during the month widened to $18.51 billion.

In March 2021, exports stood at $35.26 billion, according to commerce ministry data released on Wednesday.

Last month, imports grew 24.21 per cent to $60.74 billion, it showed.

Trade deficit stood at $13.64 billion in March 2021.

While total exports during 2021-22 increased to a record high of $419.65 billion, imports too soared to $611.89 billion, leaving a trade gap of $192.24 billion.

The trade deficit (difference between imports and exports) stood at $102.63 billion in 2020-21.

For the first time, India's monthly merchandise exports exceeded $40 billion, reaching $42 billion in March 2022.

According to the data, the estimated value of services export increased 4.64 per cent to $21.76 billion in March 2022.

The services import last month rose 7.33 per cent to $13.16 billion.

"The estimated value of services export for April-March 2021-22 is $249.24 billion, exhibiting a positive growth of 20.94 per cent vis-a-vis April-March 2020-21 ($206.09 billion)," the ministry said.

Imports during 2021-22 was estimated at $144.79 billion, an increase of 23.20 per cent over 2020-21 when it was $117.52 billion.

"The services trade balance for April-March 2021-22 was estimated at $104.45 billion as against $88.57 billion in April-March 2020-21, which is an increase of 17.94 per cent," it added.