Merchandise exports dropped by 8.8 percent to $33.88 billion during the month, whereas, imports declined to $51.31 billion.
A significant growth in exports came from the sale of petroleum products in FY23 (Representative image)
India's trade deficit came in at $17.43 billion in February 2023, which is narrower as compared to $18.75 billion in the year-ago period, as per the official data released on March 15.
The numbers are also marginally lower as compared to the preceding month, as the trade deficit stood at $17.76 billion in January 2023.
The total imports in February amounted to $51.31 billion, which was around 8 percent lower as compared to $55.90 billion in the year-ago period. However, it was higher month-on-month, as the imports stood at $50.66 billion in January.
Merchandise exports contracted by 8.8 percent in February to $33.88 billion, as against $37.15 billion in the year-ago period. A marginal increase was recorded as compared to the preceding month, when it stood at $32.91 billion.
Exports in the service category jumped nearly 37 percent on-year to $36.85 billion, whereas, the imports rose by 12 percent to $14.55 billion.
The service and merchandise exports, combined, rose by 7.8 percent in February, the commerce ministry noted.
The country's overall merchandise exports between April 2022 and February 2023 rose by 7.5 percent to $405.94 billion. Imports, during the same period, jumped 18.82 percent to $653.47 billion
A significant growth in exports in this fiscal so far came from the sale of petroleum products and electronic goods, the commerce ministry said in a press briefing.
Mobile exports have increased by 50 percent in FY23, Commerce Secretary Sunil Barthwal said, adding that it touched $8.3 billion by January-end.
India has set a target to achieve $750 billion of exports in FY23, which is 11 percent higher as against the exports of $676 billion recorded in the last fiscal year.
The country's overall merchandise exports, growing at around 7.5 percent, comes in the backdrop of the World Trade Organization (WTO) cutting global trade growth forecast for 2023 to 1 percent, the commerce secretary pointed out. The increase in merchandise exports recorded by India "is not bad" in times of slowing growth globally, he said.