February imports rise 7% at $40.55 bn; trade deficit widens to $12.88 bn

India's exports marginally declined 0.25 per cent to $27.67 billion in February while imports grew by 6.98 per cent to $40.55 billion during the month, according to provisional data released by the commerce ministry on Tuesday.

The trade deficit widened to $12.88 billion in February as compared to $10.16 billion in the year-ago period, the ministry said in a statement.

The exports during April-February 2020-21 period stood at $255.92 billion. In the same period a year ago, it was at $291.87 billion, showing a negative growth of 12.32 per cent.

Imports during April-February period too dipped 23 per cent to $340.88 billion.

In February 2021, Oil imports were $8.99 billion, as compared to $10.78 billion in February 2020, a decline by 16.63 per cent. Oil imports in April-February 2020-21 stood at $72.08 billion, as compared to $120.50 billion, showing a decline of 40.18 per cent.

Non-oil imports in February 2021 were estimated at $31.56 billion, as compared to $27.12 billion in February 2020, showing anincrease of 16.37 per cent. Non-oil imports in April-February 2020-21 were $268.78 billion, as compared to $322.74billion, registering a decline of 16.73 per cent during the same period of the last year.

In February 2021, the value of non-petroleum exports was $25.16 billion, registering a positive growth of 3.55 per cent over February 2020. The value of non-petroleum and non-gems and jewellery exports in February 2021 was $22.48 billion as compared to $21.28 billion in February 2020, registering a positive growth of 5.65 per cent.

Major commodities of export which recorded positive growth in February include oil meals, iron ore, rice, meat, dairy and poultry products, carpet, spices, pharmaceuticals and chemicals.

Many export commodities recorded negative growth during the same period. They are petroleum products (-27.13 per cent), leather (-21.62 per cent), cashew (-18.6 per cent), gems and jewellery (-11.18 per cent), engineering goods (-2.56 per cent), tea (-2.49 per cent) and coffee (-0.73 per cent).