The Commerce Ministry released data today on Wednesday that shows merchandize exports volume rise by 19.76 per cent to $42.22 billion, while trade deficit widened to $18.51 billion for the month as well. The exports in March represent a 19.73% yearly increase from $35.26 billion in March 2021. The imports during the same month stood at $60.74 billion, showing a 24.21 per cent increase and taking the trade deficit to $18.54 billion. In March 2021, the trade deficit was $13.64 billion.
March 2022 represents the first time that India’s monthly merchandize exports rise above the $40 billion mark. Services exports were estimated at $13.16 billion in March, representing a 7.33 per cent increase. The Ministry of Commerce stated: “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”.
India had ‘achieved’ a historical target of crossing $400 billion in exports with a value of $419.65 billion in 2021-22, but it was accompanied by imports of $611.89 billion which took the trade deficit to $192.24 billion.
Latest Videos
